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What is contract law?
Contract law deals with the laws that enforce, interprets and governs agreements related to the exchange of any sort of property or capital. The prime difference between a contract and an agreement is that contracts are legally enforceable whereas agreements aren’t.
The offer and acceptance of the contract should also be a fact of prime concern because, in order for a contract to be formed, the parties must reach a mutual assent. The offer means that what is the benefit that the contract is providing to any of the party or both of them and if the parties see all their conditions meeting under the contract then regarding an offer the acceptance is made.
Nature and importance of contract law
The query of an agreement arises only when two or more parties come to abide by a certain set of rules. These parties can be individuals, partners, organizations or something else. A certain set of laws governs the contracts:
The defining property of common laws is that it arises as a precedent. Common law is that body of law derived from the judicial decision of courts and similar tribunals.
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The Uniform Commercial Code:
The UCC regulates the business and commercial rules that are uniform for every organization or business holder. These prevent malpractice and unethical practices among deals and transactions and provide cross-cut justice for every single person in the commercial field.
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A valid contract has four parts:
Offer, acceptance, consideration and mutual intent into the agreement. company contract law assignment help is enforced to assure that a legally enforced contract isn’t violated under any sort of conditions which can lead to the breach of the contract.
Types of contract law
As per the contract made by the parties, it can be classified into the following categories:
- Unilateral Contract.
- Express contract.
- Implied contract.
- Contracts under seal.
- Aleatory contract.
- Adhesion Contract.
- Executed and executory contracts.
- Unconscionable contracts.
- Void and Voidable Contracts.