A contract law is a set of promises made by one party to another party. In this presentation, I have listed some of the key features of Contract law, which can help an individual to enhance his skills in laws.
2. The law of contract is concerned with contracts, i.e., legally
enforceable agreements.
The distinguishing feature of this branch of law is that it
does not set out specific rights and obligations for
individuals.
“…the law of contract is intended to ensure that what a
man has been led to expect shall come to pass; and that
what has been promised to him shall be performed.”
- Sir William Anson
A contract, according to
Salmond, is an agreement
that creates and defines
obligations between the
parties. Briefly put, it is a
legally enforceable
agreement.
3. Instead, it consists of restraining principles, subject to
which individuals (parties to a contract) can determine, for
themselves, the rights and obligations to which they will
be subject.
Such contractual rights and obligations are legally protected
and enforceable.
4. The primary purpose of the law of contract is to create
certainty in commercial and other transactions.
It is the most significant part of commercial law as
agreements constitute the very source of commercial
transactions. Trade and commerce virtually survive and
thrive on agreements.
The importance of this branch of law is evidenced by the
very fact that contracts have become an everyday
routine part of the lives of individuals.
5. For instance, while signing up on a website, when we
accept the terms and conditions of use of the website, we
enter into a contract with the proprietors of the website.
Similarly, when we get a seat booked in a train, we enter into a
contract with the railway authority. With such pervading
presence of contracts in our lives, we cannot but ignore the
significance of the law of contracts.
6. As a result, contract law has become a distinctive field of
study for both law and finance students. Often times,
students find it difficult to complete their contract law
assignments due to time or social constraints.
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