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 are supposed to prepare an assignment on a contract law case study.
However, before they embark on this mission to prepare their contract law case study, they first need to dig deeper into the very concept of contract laws. Here’s a sneak peek into some important areas of contract laws.
What Should The Students Know Before Working On A Contract Law Case Study?
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
To make a contract viable under the law it must accomplish certain requirements(Nolo.com).
Contracts And The Law
The basic contract is formed when two separate parties enter into an agreement and oblige 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 law refers to the set of laws which are developed by judges, courts and legal tribunals which provide regard and importance to every individual’s case (Legal-dictionary.thefreedictionary.com). The most crucial aspects of contract law fall under the category of common law.
The Uniform Commercial Code
The Uniform Commercial Code (UCC) is a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions. The UCC regulates the transfer or sale of personal property. (Uniformcommercialcode.uslegal.com).
According to the nature of a contract made between the parties, it can be classified into the following categories:
- Bilateral Contract: The most common form of contract involving two parties where they mutually oblige certain promises to each other.
- Unilateral Contract: Unilateral contract refers to those legal agreements where only one party promises a performance or a service to another while the other only accepts the offer.
- Express Contract: An express contract refers to those mutually stated agreements where the conditions and promises are explicitly stated to each other without any documentation evidence.
- Contracts under seal: This refers to the traditional contract which carries an authorized seal. In some countries or body of law, a contract is valid and enforceable only when it bears this seal from the court of law.
- Implied Contract: Implied contract refers to the set of contracts where the parties agree to the obligations and show their intent to enter into a valid contract.
- Aleatory Contract: It refers to all those mutual agreements which get implemented for some unforeseen and uncertain event. In these contracts, both the parties take some risks. The most common example is the insurance contract.
- Adhesion Contract: In these contracts, one party always takes the advantage of their higher bargaining power. These are implemented by big businesses or influential people where the weaker party has a very limited say in the formulation of contract.
These are the major types of contracts that are listed under the state of law (Legal-dictionary.thefreedictionary.com). But it is not exhaustive; according to the conditions stated in the agreement or law applicable, contracts can also be classified as Executed Contracts, Unconscionable contracts, Void Contracts.
Breach Of Contract: Why Is It That Big A Deal?
Breaching of a contract occurs when one of the parties in the contract violates any clauses mentioned in the agreement and it causes harm (financial or in other forms) to the other party. If any party violates the contract, it can affect the respective party in a variety of ways. They are as follows(Smallbusiness.findlaw.com):
- It damages the reputation of the party, their business and also as a person.
- The other party will lose interest and concern to continue the business relationship with the defaulter.
- If the damages are caused due to a breach of contract, the other party can lead the business into a lawsuit.
- While the lawsuit continues in the court, the violator has to provide time and money which affect the normal functioning and the business.
- The court can order the defaulter to exhibit some specific performance or to honor the obligations mentioned in the contract.
- If the court finds that the violation towards the contract is momentous then the court can hold the party contempt, fine and even imprison.
The most common remedy of these cases is, the violator would be asked to pay for all the damages caused as compensation. The amount of money is determined according to the extent and equivalent to damages caused by the violator
In some exceptional cases, the violator can also be ordered by the court to pay for the punitive damages caused to the other party which can make the complete turnaround for the company impossible.
Students pursuing law need 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 hence struggle to make impeccable contract law case study assignments. That’s where contract law case study samples step in to save them.
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