Case Study : Law Of Contract Essay
Case Study: Law of Contract Introduction
This piece of writing is meant to prove Jim and Laura not answerable to any form involvement in any form of contract as claimed by Stan. In case of an attempt to enter into a contract the essentials of a contract must be adhered to. The prevalent essentials that would prove an occurrence of a contract are offer, acceptance, consideration, mutuality of obligation, competency and capacity, writing requirement and contract formation under U.C.C.
According to the statutory law of contract Jim and Laura did not make any contract that can be attested to in a court of law. The following is an explanation on elements of a contract. Statute of frauds describes various types of contracts that must be in writing in case of any attempt to enforce the later. The statute is designed to protect the parties that would be accused of breach of contract (Anson, Beatson, Burrows & Cartwright, 2010). A contract that doesn’t exist in form of writing is declared as nonexistent agreement. If the only evidence of contract that exist is perjured testimony, then the law doesn’t guarantee proof of any contract. The terms of contract should be reflected on memorandum, written note or agreement due signed by the parties or their personal representatives. For instance sales of goods which in this case is a car are unenforceable if the terms are not inform of written memorandum.…