In: Finance
Law is a practical discipline; theory has no place in law. With specific references to the Law of Contract, discuss. In two pages.
Law is a practical discipline; theory has no place in law
Law as a discipline has many applications in our day to day life. Especially the Law of Contract, it comes in most of the day to day activities of people. Contract is an agreement between two parties which is enforced by law.
The concept of offer and acceptance, consideration, capacity of parties to contract, minor in contract etc have wide application in daily life. All the provisions under this law is purely based on the issues that can happen in the daily life. The new amendments in the law come based on the court verdict on various cases. Those cases are from real life incidents. Thus the law is a pure practical discipline. Theory has no place in law. Because all the theories and concepts are formulated for the practical situations in the life.
For example, breach of contract and remedies for such breach are present in life. When such issues arise, the law of contract is applied to find a solution. Such solution will be acceptable for both as those provisions ensure justice for the parties to contract. In short, law is a disciple which has wide application in the day to day life.