Law of Contract Essay Example | Topics and Well Written Essays - 2500 words

Law of Contract - Essay Example Acceptance: This refers to an expression of unconditional agreement that all the terms and conditions in the offer will be adhered to. The acceptance in this case can either be written or oral form and it should reflect the original offer made. Competent persons: In a contract the parties involved should have knowledgeable individuals who are able to handle every issue and agree to all terms and conditions having understood what all of them mean and what they require. Mutuality of obligation: This is a term used in a contract meaning that each individual involved should be ready to show commitment since it is an agreement and the duties assigned if any, should be performed as expected. These are the four main elements of a contract. Law on the other hand, refers to a system of guidelines and rules enforced in social institutions, meant to govern behaviour. Laws are usually made by legislatures in which their formation can be influenced by rights defined therein and constitution which can be written or unwritten. This essay seeks to give more information on contract law and how it applies to real life. Contract law therefore, refers to the set of terms and conditions that ought to be followed b individuals who have participated in making an agreement. Contract is based on the principle that agreements ought to be kept. Contract law is classified as habitual contract under the civil law systems. It is also known to be part of general obligation law along with unjust enrichment, tort and restitution. In this case, the essay will discuss on a condition where the contract law is applied. This essay seeks to make an accurate analysis of the problems raised by the case, identify the legal principles relevant to the case as well as the implication for the contract law and the outcome of the case. There are various sources of contract law which are: Common law Restatement Uniform Commercial Code (UCC) United Nations Convention on Contrasts for the international Sale of Goods (CISG) UNIDROIT Principles of International Commercial Contrasts. Uniform Computer Transactions Act (UCITA) Electronic Signatures in Global and National Commerce Act (E-Sign) The case here involves two main participants who are Alan and Dona. Alan is an individual who owns a restaurant that specializes in Italian food. He has recently secures a lucrative booking for a large wedding. One of the participants of the agreement is Donna who is in this case, the bride. She agrees to pay $ 30,000 for the event. This amount is enough to cater for everything to make certain that the event is successful. She goes ahead and pays $ 20,000 where it is agreed that the remaining $10,000 will be paid on the wedding day. This gives a clear impression that Donna as the bride is hiring Alan’s restaurant for the event. Charles turns out to be the chef in Alan’s restaurant. Sometime ago, he designed a beautiful Italian themed menu which will be used at the wedding. Alan is pleased wi th this menu and believes it will work best for the occasion. Alan goes ahead and tells Charles that he will offer him $50 for his effort. Alan goes right ahead and hires Charles Your Dream Builder to carry out some alteration including installing a fountain in the courtyard. Allan sees that the progress is slow and decides to offer an additional $ 1,000 for the progress to be sped up. It is agreed and the refurbishment is finished just at the right time. The wedding day comes and Donna has a wonderful