‘The law of contract confines itself to the enforcement of voluntarily created civil obligation. ‘Illustrate &explain

‘The law of contract confines itself to the enforcement of voluntarily created civil obligation. ‘Illustrate &explain

Introduction

Contract is a legally binding promise or promise made ??by one party to the other group. Trade and commerce could not be thrived without doubt so here is need agreement. A contract can provide the bargaining between the two parties to make sure their promises for last longer. By a low of contract a private individuals can ensure the certain degree, control, predict and stabilize the future. Contracts provide people to incur reciprocal responsibilities and commitments, to make promises others can rely on, to remove some uncertainty from life, and to established reasonable expectations for future actions.

Law of contract

A contract is an agreement which is enforcement by law between two parties. A person signifies his willingness to do or to abstain from doing anything with a view of obtaining the assent of the other party when an agreement is made. Voluntarily entered into by two or more to a valid object of the contract agreement between each of them and one or more or the legal obligations between intends to do. A void agreement is an agreement that is not enforceable by law. One party’s option and another party’s option result into a voidable contract by an agreement of contract law. As a result, an agreement of contract happening the enforceability by law ,creation an agreement between two parties, creation a responsibilities between two parties. Contract may be of the following types:

· Express is including an agreement manifested by words.

· Implied-in-fact is including an agreement manifested by conduct.

· Implied-in-law (“quasi-contract”) is not a true contract but the obligation imposed by a court despite the absence of a promise in order to avoid an injustice.

Elements of contract law

Contract law which at the common law contract the elements are offer, acceptance, intention to create legal relations, and consideration.

Mutual assent: Mutual assent is typically reached through offer and acceptance at a common law when a proposal has met with unconditional acceptance of this offer is in a different context.

· Offer and acceptance: The most important feature of the contract for one of the parties to make an offer to the approved system. Offer and acceptance analysis is the traditional approach in contract law used to determine whether there was an agreement between the parties. Agreement consists of an offer by an indication of one person to another of the offer or’s willingness to enter into a contract on certain terms without further negotiations.

Consideration: The contract is worth considering in connection with the legal concept. Consideration consists of a legal detriment and a bargain. A legal detriment is a promise to do something or refrain from doing something that you have the legal right to do, or voluntarily doing or refraining from doing something, in the context of an agreement.

· Sufficiency: Consideration must be sufficient, but courts will not weigh the adequacy of consideration. For example, has agreed to sell a car for a penny constitutes a binding contract. Consideration is “sufficient” if it meets the test of the law, while the word “adequacy” will require an additional personal equity.

· Other jurisdictions: Civil law systems approach the exchange of vows, or approval of wills alone, rather than the exchange of rights is the basis of the correct value.[1] The number of commentators suggested that abandoning consideration, and the loss of the right to use to replace it as the basis for decades. However, legislation, rather than judicial development, the only way to remove this entrenched common law principle, as has been projected.

Void Agreement: An agreement so made must not have been expressly declared to be void. There are five categories of agreements which are expressly declared to be void. They are

· Agreement in restraint to marriage

· Agreement in restraint of trade

· Agreement in restraint of proceedings

· Agreement having uncertain meaning

· Wagering agreement

Setting aside the contract

There can be four different ways that you can set aside contracts. The contract may be void, voidable, unenforceable or ineffective. Voidness implies that a contract never came into existence. Unenforceability means that none of the parties may resort to the court for treatment. Ineffectiveness means that the contract ends on the orders of a public body where court failed to meet the public procurement law.

· Misrepresentation: Misrepresentation is a concept in the law of contract in reference to a false statement of fact made ??by one party to another party, which has the effect to make this party in the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation.[2] According to Gordon v Selico (1986) 18 HLR 219 it is possible to make a misrepresentation either by words or by conduct, although not everything said or done is capable of constituting a misrepresentation. Generally, a statement of opinion or intention is not truth in the context of data misrepresentation. As enacted by the Misrepresentation Act, the statement in question may constitute a representation even if later incorporated into the contract as a term.

· Procedurec: There are many contracts which provide the all disputes arising there under will be solved by arbitration, rather than litigated in courts. Customer claims against securities brokers and dealers are almost always resolved by arbitration because securities dealers are required, under the terms of their membership in self-regulatory organizations such as the Financial Industry Regulatory Authority (formerly the NASD) or NYSE to arbitrate disputes with their customers.

Conclusion

All agreements are not contracts but, all contracts are agreements. Every contract gives rise to certain legal obligations or duties on the part of the contracting parties. The legal obligations are enforce by the courts. Contractual relationships coincide with a constellation of similar structured extralegal practices, such as agreement, exchange, cooperation, and promise.[3] Traditionally, the divisions of obligations in contracts which are a voluntary task due to a specific person or persons, obligations in tort which are based on unlawful harm to certain protected interests, enforce the law in the first place, usually due to a broader class of persons.

References

· ANU college of law’ available from:-http://law.anu.edu.au/colin/lectures/off acc .htm

· Law of Contract’ available from:www. oakadvocates. co.keusrfileLAW% 20OF%20CONTRACT% 20FOR%20ACBM.pdf

· Ewan McKendrick, Contract Law – Text, Cases and Materials (2005) Oxford University Press ISBN 0-19-927480-0

· Scott Fruehwald, “Reciprocal Altruism as the Basis for Contract,” 47 University of Louisville Law Review 489 (2009)

· Odiwuor Kelly- B.Com (Acc.& Aud. Option), L.L.B (Crim., Ban. & Ins. Option), Dip-Law (KSL) 1 Advocate/Lecture- 0721 438511/0736 504008, available from: www.Oakadvocates.co.keusrfileLAW%20OF% 20CONTRACT%20FOR %20ACBM.pdf

· Contract available from:-http://www.lexisnexis.com/lawschool/study/outlines/pdf/ contracts.pdf

· R. Austen-Baker, ‘Gilmore and the Strange Case of the Failure of Contract to Die After All’ (2002) 18 Journal of Contract Law 1

· G.H. Treitel, The Law of Contract, 10th edn, p.8.

· Offer and Acceptance from course materials at Chicago-Kent College of Law

· Chappell & Co Ltd v. Nestle Co Ltd [1959] 2 All ER 701 in which the wrappers from three chocolate bars was held to be part of the consideration for the sale and purchase of a musical recording.

· law.com Law Dictionary

· The rule in Pinnel’s Case – Foakes v Beer (1884) 9 App Cas 605

· For a detailed and authoritative account of this process, see A. W. B. Simpson, A History of the Common Law of Contract: The Rise of the Action of Assumpsit, (Oxford University Press: Oxford, 1975)

· P.S. Atiyah, ‘Consideration: A Restatement’ in Essays on Contract (1986) p.195, Oxford University Press

· Central London Property Trust Ltd. v. High Trees House Ltd. [1947]

· S.K.A-MA(Cal).M.Sc(Econ.Lond)Commercial Law 25 edition(2012)

· Randy E. Barnett, Contracts (2003) Aspen Publishers ISBN 0-7355-6525-2

· Gordon v Selico (1986) 18 HLR 219

· Introduction to Securities Arbitration – an Overview from SECLaw.com the online leader in securities law news, information and commentary

· Misrepresentation Act 1967 s1(a): “Where a person has entered into a contract after a misrepresentation has been made to him, and the misrepresentation has become a term of the contract, then, if otherwise he would be entitled to rescind the contract without allegingfraud, he shall be so entitled, subject to butt the provisions of this Act”

· New York Civil Procedure Law and Rules § 7501, et seq

· This Editorial is based on the following full-length Article: Gregory http: //www.trinitinture. com/documents/ klass.pdf

· Zimmermann, Reinhard. “The Law of Obligations: Roman Foundations of the Civilian Tradition” (Oxford: Oxford University Press, 1996) at 1

[1] For a detailed and authoritative account of this process, see A. W. B. Simpson, A History of the Common Law of Contract: The Rise of the Action of Assumpsit, (Oxford University Press: Oxford, 1975)

[2] Gordon v Selico (1986) 18 HLR 219

[3] This Editorial is based on the following full-length Article: Gregory http: //www.trinitinture. com/documents/ klass.pdf

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