Question

The Law’s Main Mission “Preserve the Social Peace”

(In the Business Filed)

				The Contract’s General Rules
		Introduction		(1.1)
				The law depends on the contract to balance the conflicting interests, as its one of the fundamental legal procedures for maintaining social peace.
		The Body		(3.2)
				Starting from forming the contract, implementing the contractual terms (Breaching the contract), till verifying the validity of the contract there are several facts show the mechanism of such balance The offeror and offeree (Introducing the offer and terminating the offer). The faulty party and the aggrieved party.(punishment and compensation) The Parties of the contract and the others who aren’t parties. ( illegal contract- unenforceable contract-voidable contract)
		The Conclusion		(4.1)
				The student's opinion based on examples concluded from other science that belongs to the business field, confirming the legal principle Balancing Conflicting Interests. Employment levels

Answer 1

1.General Rules of Contract

Contracts sipmply means an Legal agreement between two of more persons to do something for each other.The General rules of Contracts are detailed Below

• An agreement between Parties :- Contracts are agreements which may be in writing or Verbal or by action. But some agreements needs to be in writing like,agreement for transfer of land,Mortgages and Conveyances
• Offer :- There should be an offer in the contract and which includes the details of the agreement and terms and conditions.The person made an offer is caller Offeror.
• Acceptance :- There should be an Acceptance of the contract.If an offer is made the other party called offeree either to accept or reject the terms and conditions of the agreement.
• Consideration :- There shoul be a consideration for a valid contract.A contract with out consideration or something value of exchange for performing a contarct is void.
• Capacity of the Party.:- Each party to the contract must be fully able to enter in to a Legally valid contract.Normally minors, Person of unsound mind, Person under the influence of any mind altering substance are not legally able to enter in to a contract
• Legality of the Contract:- A Contract can not be made for the any illegal trade or services or any act forbidden by law.Such contract will be illegal and void.

The body of the contract normally includes , the following Key points

1. Name address details of the parties to the contract
2. Terms and consitions of the contract
3. Consideration for the contracts
4. Condition fro breach of the contract and remedies available for the each party if a contract is breached by any party.

Offeror and Offeree

The Person who made an offer in a contract is called Offeror and the party to whom the offer is extended is called Offeree.

Offer and Termination of Offer

Offer means a proposal extended by party to the contract detailing the terms and condition of an agreemeny

An Offers can be terminated in any one of the following ways:

• Revocation of the offer by the offeror;
• Counteroffer by offeree;
• Rejection of offer by offeree;
• lapse of time;
• death or disability of either party; or
• performance of the contract becomes illegal after the offer is made

Fauly Party and Aggrieved Party

The Party who made breach of the conditions of the contract is called Faulty party and the Party who caused damages as a result of breach of contract by other party is called Aggrieved Party.

Compensation and Punishment

Usually, compensation is given in the case where damages are caused to the aggrieved party as a result of breach of contract like in torts or any civil law and punishment is awarded to the offender with or without fine under criminal law

Contracting Practices and a Third Party Beneficiary :- Parties to the contract are called Contracting parties and others who are not party to the contracts are called third party beneficiary who is rewarded some way as a result of the contract.

Illegal contract- unenforceable contract-voidable contract

illegal contract are void contract whic acn not be enforced through court of law.An Unenforceable contracts are valid contract but lack of some technical requirement which can not be enforced and if the technical requirement are complied it can be enforced.A Voidable contract can be performed with the option of the aggrieved party for example When a contract is entered into without the free consent of the party, it is considered a voidable contract.

Based on the above mentioned Key Points of the Contract prepare conclusion with an example.