2015-08-21
508
Introduction
In this paper I will explain the importance of the essential elements required for the formation of a valid contract, discuss the impact of different types of contract and analyze terms in contracts with reference to their meaning and effect.
Explanation of the importance of the essential elements required for the formation of a valid contract
The origin of law is obscure, but society cannot exist without law. Law is any rule that society will enforce. There are 5 types of law which are civil law, common law, procedural law, substantive law and case law.
Common law is a unity of all judicial decisions. Common law should not be confused with the civil law. In the common law a code is a collection of statutes passed by a legislature.
Civil law: the main feature of civil law is an attempt to establish a body of legal rules in one code, a single legislative enactment.
Case (precedent) law is a law based on a precedent, when the judge follows a prior decision. The basis of case law is in two documents: Magna Carta (1215) and English Bill of Rights.
Also, there are criminal and contract laws.
Criminal law is the body of law that relates to crime. It regulates social conduct and prescribes whatever is threatening, harmful, or otherwise endangering to the property, health, safety, and moral welfare of people. (Wikipedia)
English contract law is a body of law regulating contracts in England and Wales. Any agreement that is enforceable in court is a contract. (Wikipedia)
What is contract?
According to Business Dictionary contract is a negotiated and usually legally enforceable understanding between two or more legally competent parties. In law, another name for a contract including all the elements of a legal contract: offer, acceptance, and consideration (payment or performance) based on specific terms. To be legal a contract should be in writing and under seal. Contracts which are in violation of law or against public policy are illegal.
What are the main parts of a valid contract?
