An Analysis of Contract Law: Essential Elements, Rights, and Remedies

This essay provides a comprehensive analysis of contract law, focusing on the essential elements required for a valid contract, such as offer, acceptance, consideration, and legal obligation. It delves into the concept of counteroffers and their impact on original offers, referencing the case of Hyde v. Wrench. The essay further examines various remedies available for breach of contract, including injunctions, damages, specific performance, and recession, illustrating their application with a case scenario. Additionally, it outlines the rights of parties in a contract, such as the right to disclosure of facts, timely consideration, monetary payment, and the right to file a suit in case of a breach. The essay concludes by emphasizing the importance of contract law in business practices and mutual transactions, highlighting the significance of understanding contractual obligations and available remedies.

Individual
problem/essay

TABLE OF CONTENT
INTRODUCTION.................................................................................................................................3
MAINBODY.........................................................................................................................................3
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................6

INTRODUCTION
Business law Is the rules and all the essential legal regulations which helps to operate
the corporate business practises and functioning of organisations in a systematic manner. It
helps the companies to provide the methods in which they can implement the functioning and
make the general legislative rules for their agreements and mutual transactions. It provides
IPR, contract law, company law, employment law and many more. Contract law is a general
agreement made between two or more individuals for entering in contract and to implicate
transactions an agreement enforceable between the parties. All the contract can be framed out
with the help of essential elements (Goldberger, 2020). This essay will provide general
discussion about the case Scenario with elements in contract and the rights and remedies
provided by court.
MAINBODY
Case Scenario 1Contract law provides agreement for general transactions and agreement for any
business dealing or any other purpose made between two or more individuals who used to
bind together to come in a mutual agreement between them. In order to perform or enter in a
contract it is important to cover the obligations that are being made necessary. The majoressential elements in the contract are like
Offer is the initial element from which the invitation is given to the other party for
entering in a general agreement or a contract between them. This is an invitation to treat
which is being provided by offeror to the other party about generally describing the
agreement and to make them convince regarding to enter in the agreement. Secondlyacceptance which is sent provided by the party who has been offered for the invitation of
treat. It can be expressed, implied or can also be through mails, when offer is being made to
the party the party is ready enter into agreement then the acceptance is being given. Thirdlyconsideration which is the important asset or the value for money that is being made or
discussed at the time of entering into an agreement for completing a task which is to be
performed between them (Chatterjee, 2020). This is a particular amount through which
business used to decide the amount on which the performance of an act is being framed. Andlegal obligation to do so which is the intention of the parties to enter and frame of the contract
through which they can bind themselves in a mutual agreement between them. It used to
provide the intentions for creating obligations.

Counteroffer is when the party used to negotiate at the time of the offer is being made
between the contract and that negotiation will amount to revocation of all the earlier offer
which were being made between them. Counteroffer is mainly being applied in all the
business transactions and deals made between the parties, and once it is being reformed then
all the prior offers made will be revoked. This used to take place for negotiating for the
consideration and the parties try to discuss it for general acceptance. It used to reject all the
prior offer and if the parties will have to accept the contract then they will have to agree on
the general clauses between them.
As for
Hyde v. Wrench Court held that, there cannot be any kind of contract made
between the parties once the counteroffer is being enforced. In this defendant was not held
liable as there was counter of her being applied and no original offer was being available for
the parties to agree. And one counteroffer is being made all the existing and earlier offer will
be revoked. And if the party will have to agree then we will have to either negotiate or to
agree on the terms of the counteroffer (Fantoni, and et. al., 2021).
According to this case scenario this can be generalised that Avril when made offer for
£750 As for quotation period of seven days for which Belinda has given no response on that
time period and later on she has made to accept that offer. For which Avril denied and said
that now new consideration will be £900. This is a counter offer which is being made
between the parties and if Belinda wants to agree for the agreement and she will have to
agree on the terms made for the counter offer and general clauses or other than that she can
negotiate for the payment.
Case Scenario 2
Court used to give some important
remedies for the breach of contract for all the
parties where suffered loss due to the breach made by another party some of which are
mentioned as
Injunction in which court used to provide the restraining orders to the party was
made of breaching the contract this is mainly been given in order to avoid all the breach that
is being made and also to restrain the actions which will frame out to make laws. It is
generally equitable remedy provided by court (O’Connor, 2019). Secondly,
damages this is
the general remedy which is being provided for all the parties who had suffered loss due to
the act of any other party in which compensation is being given and awarded for the breach in
the contract. This kind of substantial damages which is being provided to all the injured party
who has suffered the loss which was being caused by another person’s actions.

Specific performance of contract this is the equitable remedy provided by court in
which court used to order the party to perform all the act which was being made between
them. It could use to compel the party in order to maintain and just and unfair activities to be
removed and to provide them to complete the performance of agreement which was being
made between them.
Recession is making the parties to come in the original positions in
which they were before this provides protection from all the laws for the contract which is
being made try to make the party to bring back in an original position (Zhang, 2019).
Darwash can take the help of court to get the damages for the loss which has been
made by the actions of Charlies. This is a general adequate remedy which used to provide and
protect the party from the laws which is being occurred in it.
Rights given to parties in contract
Right to disclosure of fact is in which party will have to disclose all the important and
relevant material facts which are being linked to the contractual terms that is being made
between them. which means that both the parties will have to discuss and give all the facts
which are being made and are important at the time of agreement.
Right a timely
consideration provides the right through which the individuals who are being agreed in a
party should provide consideration on a proper time period and there should not be any kind
of delay into consideration (Aranda and et. al., 2018).Right to monetary payment involves all the services which are being given to the
parties through a fixed term of money and a mutually signed agreement between them.
Right
to file suit is given to both the parties in case of any kind of breach made in between the
contract then the parties will have the right that they can file a suit against the other party so
as to protect himself from any kind of loss that can be suffered due to the breach made which
is being sign at the time of agreement as both the parties of right to get all the goods and
services at the proper time.
Darwash from all these rights can use the right to file suit for taking the damages that
were being made because of the act of Charlie of non-disclosure of facts as Charlie has not
disclosed all the material facts which are relevant for the agreements regarding to his new
knowledge for the electrical fix fittings which made him to suffer major loss. This is a
general remedy for all the subsequent damages made between them.

CONCLUSION
It is concluded through this essay that contract provides an agreement in force
between the parties for all the business practises and the mutual transactions in order to frame
a contractual obligation. There are generally some essentials needed for the contract which
are like acceptance, consideration, legal obligation, offer. Counteroffer used to provide and
revoke all the prior offer is made between the parties it is mainly the negotiation made
between the parties at the time of making agreement. Further it is also concluded that specific
performance of contract, injunction, Recession are general remedies in contract law. It also
provides some rights like timely consideration of payment right to disclosure of facts and
many more.
REFERENCES
Aranda and et. al., 2018. Breach of psychological contract and organizational citizenship
behaviors in volunteerism: The mediator role of affect and the moderation of
volunteers’ age.
VOLUNTAS: International Journal of Voluntary and Nonprofit
Organizations,
29(1), pp.59-70.
Goldberger, J., 2020. Contract law in the cases: 2019 in review: Part 1 of 3.
COMMERCIAL
LAW QUARTERLY,
34(2), pp.43-75.
Chatterjee, C., 2020.
Negotiating techniques in international commercial contracts.
Routledge.
Fantoni, and et. al., 2021. Text mining tool for translating terms of contract into technical
specifications: Development and application in the railway sector.
Computers in
Industry,
124, p.103357.
Zhang, M., 2019.
Chinese Contract Law-Theory & Practice. Brill.
O’Connor, M.A., 2019. Promoting economic justice in plant closings: exploring the
fiduciary/contract law distinction to enforce implicit employment agreements.
In
Progressive Corporate Law (pp. 219-245). Routledge.