Contract Law Case Study Assignment Help
Contract law is one of the major branches of legal studies. Students pursuing legal studies need to know the various aspects associated with contract law in which they need to prepare an assignment case study.
Before you embark on this mission to prepare your contract law case study, learn the most important concepts of contract law here.
What is Contract Law?
A contract refers to the voluntary agreement between two or more parties and contract law refers to the whole body of laws governing it. Every written and even oral agreement involves an exchange of goods, services, money and properties. The body of law governs the agreement and also encompasses the obligations of the parties, limitations, privities, obligation and jurisdiction and its termination (Businessdictionary.com, 2016). It also incorporates the possible remedies and legal actions in case of breach of the contract by any party. Though mainly used for commercial purposes, it also holds significance for civil purposes.
Students pursuing law are required to prepare a contract law case study assignment to exhibit their knowledge in this discipline. However, most of them do not have a firm knowledge and grip over this subject and feel helpless when they are assigned a contract law case study.
Elements of Contract
Before learning contract law, the students must have a clear idea about the different element of the contract which would help them to understand the subject better.
Offer and Acceptance
Offer and Acceptance are the most important elements for any successful contract. The offer is a statement of willingness to provide the contract on specific terms by the offerer whereas acceptance refers to the unconditional assent by the offeree with the intention of accepting the contract (Lawhandbook.org.au, 2016).
The parties of the agreement must enter into a legal agreement to make the contract effective. It creates a legal relation between the parties as the agreement gets enforced by law. It is also important that the offerer and the offeree understand the legal implications and consequences that will follow (E-lawresources.co.uk, 2016).
To make the contract binding, it should be supported by a valuable consideration. Consideration refers to the value promised by one party to another at agreed benefits or returns. Consideration can be money, some kind of service or right. The court or any legal institution will not question the adequacy as long as consideration exists (Study.com, 2016).
The court will never interfere in any matter of dispute if one of the parties in the agreement thinks that he made a bad deal. The deciding consideration depends on the individual value and capacity of the parties. But the court can intervene if one of the parties accuses the other of influencing or forcing the former in the deal.
The parties or people who wish to enter into the legal contract must possess the legal capacity under the purview of law. As people who are mentally impaired, minors, bankrupt, prisoners and other people explicating stated cannot enter into a contract (Lawhandbook.org.au, 2016).
All the parties expressed their willingness to enter into a contract should enter it freely with a proper understanding of the contract details. They should not take their decision from external influence, intimidation, threat or false hope and misrepresentation (Contracts.uslegal.com, 2016).
To devise a strong contract law case study, the students must have a clear idea about these essential five elements. But there are many students who have several queries on different aspects of contract law. Consulting contract law case study sample or contract law case study example will help them in these circumstances.
Contract law : All Your Queries Answered
Not always a contract law case study sample is able to answer and suffice all the queries. The students have numerous questions in their mind with this vast discipline under law. Here are the most important aspects of contract law discussed in detail.
Breach of Contract
Breach of Contract refers to the legal action taken by any party when the other party does not honor the binding agreement or any of its clauses. If a person within an agreement breaks the contractual promise and does not perform the duty expected according to the contract, then it can be referred as breach of contract (Smallbusiness.findlaw.com, 2016). According to the severity and gravity of the breach, it can be classified into:
- Minor Breaches
- Material Breaches
- Fundamental Breaches
While minor breaches refer to the slight violations, fundamental breaches are drastic violations ensuing legal action.
Consequences of contract breach
Firstly, both the parties can try to get into a solution through informal meetings when a dispute arises. But when they fail, the non-breaching party can seek legal remedy. This is performed through formal lawsuits and the established court system of the respective country.
The parties can also agree to hire a unanimous arbitrator who will review the contract dispute and breach and deliver a solution. But when the arbitrator too cannot provide a universally accepted remedy, it reaches the court of law.
In case of direct and proved breach of contract, the court can provide relief to the other party by awarding a remedy borne by the violator.
The violator needs to compensate the other party for the damages caused due to the breach of contract. According to the extent of the damage caused by the responsible party, the amount of compensation is decided.
When the damages caused cannot be recovered through compensation then the court can ask the violator for a specific performance. Specific performance can be defined as any activity directed by the court that the breaching party must perform. But it is done when the compensation does not suffice the damages incurred. Generally, the court of law rules specific performance as a remedy when the product or service promised in the agreement is unique. Such as the real estate industry is referred to as unique where there cannot be a duplicate property with same facilities. But even the court will enforce this specific performance on the violator when the agreement made is fair and equitable without providing any undue advantage to any party.
Cancellation and Restitution
The non-breaching party can get authorization from the court of law the cancel the contract and sue for restitution when the violator get compelled to bring back the position it was before the contract was formulated.
These are the main consequences of contract breach (Contractsandagreements.co.uk, 2015). Breaching contract is a serious offence and a common reason of lawsuits.
Silence as Acceptance
Generally, silence or not responding to the offer does not get considered as a sign of acceptance. However, in some specific cases or situations, silence can be treated as acceptance. Then the question arises, when the silence of a party can be regarded as a sign of acceptance? Suppose a person X sends a packet of food to another person Y and also informs that the former expects payment for it. If person Y without agreeing eats the food then this activity can be regarded as acceptance. There are some specific requirements which when sufficed can be treated as acceptance (Legalmatch.com, 2016):
- One party has made the offer while the other did not reject the offer
- The offerer renders a particular service to the offeree
- The offerer provides the service at his own free will without being influenced by any other person
- The offerer informs the offeree as the former anticipates and expects a payment from the latter
- The offeree has complete knowledge of all the above-mentioned events
- The offeree should have used or accepts the service in some form which can be interpreted as acceptance under court of law.
This rule can cover other formal exchange of services other than the sale of goods. But unsolicited goods sent to people without formal acknowledgement cannot fall into this category. It would be treated as gifts.
Contract law : The basics
To make a contract viable under law it must accomplish certain requirements. It includes an offer and its acceptance, consideration, purpose, eligible parties and their consent. Other than these general rules, the associated parties, depending on the type of contract may need to fulfill additional requirements.
The term contract refers to the agreement in written form which includes the following elements. It must be verified under the court of law.
- Introduction clauses (provisions)
- Defining the parties and key terms
- Statement (s) of purpose
- Obligations of each party
- Assurances and warranties
- Signature block
Both the parties (can be even more) contemplate about the prospective deal by examining the arrangement and the risks associated with it.
Phase 1: Evaluate the deal
Both the parties (can be even more) contemplate about the prospective deal by examining the arrangement and the risks associated with it.
Phase 2: Reaching the agreement
In this stage, the parties negotiate and agree on the final deal with stated agreements. Then with accordance to the consent, the written contract is finalized which will act as documentary evidence.
Phase 3: Implementation and performance
The agreement after signed by all gets implemented. All the parties must remain obligatory towards their agreement and perform accordingly. If any of the party fails to perform their task, the other party can draw them into a legal suite.
Contracts and the Law
The basic contract is formed when two separate parties enter into an agreement and obliges to perform their duties responsibly. With the term party, it can refer to any organization, person or a corporation which enters into an agreement. The agreement is legally enforceable. The main laws which govern the contract law are:
The Common Law : Common laws refer to the set of laws which are developed by judges, courts and legal tribunals which provides regard and importance to every individual case. It is based on consistent principles where similar cases are deal with a similar set of laws (Legal-dictionary.thefreedictionary.com, 2016). The most crucial aspects of contract law fall under the category of common law.
The Uniform Commercial Code:
Contract Law Sample - Business and Contract Law
In order to answer this question, a discussion on the rule of Indoor management is needed. When an employee or authority from a company on behalf of the company, enters into a contract with any outsider, it is considered that the company as a whole is entering into the said contract. A noteworthy case in this regard is Bank of New Zealand v. Fiberi Pty Ltd . The outsider ....
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Contract Law Sample - Contract & Agency Law
(a) “The law affects a business from the moment it commences until the time it isdissolved.”Discuss the above statement in the context of three (3) key functions of business lawaffecting commercial activity in Singapore. In your analysis, you should providespecific examples...
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Contract Law Sample - IRAC method
Barry decides to hire some ladders and planks from a local equipment hiring business to enable him to paint the exterior of his house. When he collects the hired goods, he is asked to sign a hiring agreement. Barry asks the employee of the hiring firm why he has to sign an agreement, to which the employee replies, "It is just for insurance purposes" ...
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Any legally binding agreement voluntarily entered into by two or more parties that places an obligation on each party to do or not do something for one or more of the other parties and that gives each party the right to demand the performance of whatever is promised to them by the other parties. To be valid, all parties must be legally competent to enter a contract, neither the objective nor any of the obligations or promised performances may be illegal, mutuality of the agreement and of its obligations must exist, and there must be consideration. See also acceptance, offer, privity, tender, breach of contract, and bargain.
To enter into or settle by a contract or to make a legally binding promise.
The document containing the terms of a contract.adhesion contract
A contract that is so highly restrictive of one party’s rights and liabilities, but not of the other, that it is doubtful that it is a truly voluntary and uncoerced agreement. The concept typically arises in the context of standard-form contracts that are prepared by one party, not subject to negotiation, and offered on a “take it or leave it” basis. If the terms of the contract are extremely burdensome or oppressive, the court may not enforce it on the grounds that it is unconscionable. Also called contract of adhesion. See also boiler plate, fine print, and unconscionable.aleatory contract
A contract in which the performance promised by at least one party depends upon the occurrence of an uncertain future event. For example, a contract with an insurance company for the payment of proceeds in the event that an injury is suffered in the future in an automobile accident.bilateral contract
A contract wherein each party is obligated to fulfill a promise made to the other party and is entitled to the completion of a promise made by the other party.breach of contract
See breach of contract.completely integrated contract
. One or more documents adopted by the parties as expressing the complete and exclusive statement of all the terms of their contract. Also called entire agreement of the parties, entire contract, or entire contract of the parties. See also partially integrated contract and severable contract.contract implied in fact
See implied-in-fact contract.contract implied in law
See implied-in-law contract.contract of adhesion
See adhesion contract.contract under seal
A promise to do or not do something that is physically delivered to the promisee in a sealed instrument. Under common law, such a promise bound the promisor even if there was no consideration, but the use of such contracts has been modified or eliminated in most states. Also called covenant and sealed instrument.cost-plus contract
A contract in which the payment for work done or supplies provided equal the total costs that the contractor incurs, plus a fixed fee or a percentage of the profits. Frequently used in transactions with the government.divisible contract
See severable contract.executed contract
- A contract in which all the promises owed by the parties have been performed and all the obligations have been discharged. See also executory contract.
- A signed contract.
A contract in which all or a portion of the promised contained therein have not yet been performed. See also executed contract.express contract
A contract whose terms have been clearly expressed in words, whether spoken or in writing, between the parties. See also oral contract, written contract, and implied contract.freedom of contract
See freedom of contract.illusory contract
A contract in which the only consideration given by one party is an illusory promise. For example, “For $500, I will provide housekeeping services whenever I am available for the next year.” Traditionally, such a contract was unenforceable, but in modern court decisions, a duty to act in good faith is often read into the promise and the contract is enforced accordingly.implied contract
- See implied-in-fact contract.
- See implied-in-law contract. See also express contract.
A contract based on the tacit understanding or an assumption of the parties and evidenced by the parties’ conduct. For example, if a person drives her vehicle to a service station and opens the gasoline tank so that the service attendant can fill it, there is an implied promise on the part of the driver to pay for the gasoline, even if nothing is said between the driver and the attendant. Also called contract implied in fact. See also implied-in-law contract.implied-in-law contract
A contractual obligation imposed by the law because of the parties’ conduct or a special relationship between them or to prevent unjust enrichment. For example, when someone receives and uses goods that were intended for another, the law will impose an obligation on the recipient of the goods to pay for them. The obligation is imposed even if there is opposition or no assent from the party whom the obligation is being imposed upon. Also called contract implied in law and quasi contract. See also implied-in-fact contract.installment contract
- A contract in which the obligations of one or more parties (for example, the delivery of goods, performance of services, or payment of money) is authorized or required to be completed in a series of increments over a period of time.
- Under the Uniform Commercial Code, a contract that authorizes or requires the delivery of goods in separate lots that will each be separately accepted. A severable contract; each delivery is, in reality, an independent contract.
One or more documents expressing one or more terms of a contract in its final form. See also completely integrated contract, partially integrated contract, and integration.oral contract
An express contract that is not in writing or has not yet been signed by the parties who will be obligated to do or not do something under its terms. See also written contract.output contract
A contract in which a buyer agrees to purchase at a set price all quantities of a particular good or service that the seller can provide over the duration of the contract. See also requirements contract.partially integrated contract
An integrated contract of which one or more of its terms is not yet in its final written form. See also completely integrated contract.privity of contract
See privity.quasi contract
- See implied-in-law contract.
- A name for a claim for relief for restitution, especially one for quantum meruit.
A contract in which a seller agrees to provide at a set price all quantities of a particular good or service that the buyer needs over the duration of the contract and the buyer agrees, during that time, to obtain those goods and services only from the seller. See also output contract.sealed contract
See contract under seal.severable contract
A contract with two or more distinct components any one of which, if breached or invalidated, may be considered as an independent contract and not affect the other components of the contract and the parties’ rights and obligations thereunder or put the promisor in breach of the entire contract. For example, a contract to purchase an automobile and to have a radio installed in it before delivery may be regarded as severable if the radio is not installed when the vehicle is delivered. Also called divisible contract. See also installment contract, completely integrated contract, and severability clause.standard-form contract
A contract containing set terms that is repeatedly used and usually mass produced or preprinted by a party or an industry with only a few blank spaces to be filled in and with a few predetermined alternate and optional clauses to choose from to accommodate slight additions and modifications.subcontract
A contract whereby a party procures the performance of a part or all of his obligations under another contract by hiring another party to perform those obligations for him.unilateral contract
A one-sided contract in which one party promises to do or not do something in exchange for the performance of an act that is not promised to be done. For example, if a reward is offered for the return of a lost watch, nobody is promising to return the watch, but if it is returned, the promisor will be required to pay the promised reward.void contract
- A contract that is not legally enforceable. See also voidable contract.
- A contract whose terms have been completely fulfilled.
- A contract that can be voided at the will of one or more parties. The power to void the contract is not necessarily available to all the parties of the contract. For example, a person who is under the age of capacity can reject her rights and obligations under a contract and make it void without any repercussions, but until she does so, the contract is valid. However, an adult who entered that same contract cannot void it, and any attempt to do so will be a breach of contract and make her liable for damages.
- A contract that is void to a wrongdoer, but not to the party who is wronged unless the injured party decides to treat the contract as void. See also void contract.
An express contract that is written and has been signed by the parties who will be obligated to do something or not do something under its terms. See also oral contract.yellow dog contract
An employment contract whereby an employee agrees, as a condition of employment, not to remain in or to join a union during the course of his employment and to quit his job if he does. Such contracts are unenforceable in federal courts and are illegal in most states.