The Roles And Functions Of Contract Law

867 Words 4 Pages
Introduction
Everything in the world goes with some regulations and strict and that is natural of human behavior. That provides the maintenance of the orders to achieve something. So like every other else, various organizations also include law. These rules and regulations are made to maintain order and progress to go along the path of achievement. Point to be noted, these regulations are also made to avoid unnecessary faults and embarrassing situations. Unfair practices are also identified and sorted out by the contract law. As for a penalty, unfair means are avoided in a proper manner. By contract law, the true value is exposed and concentration of work for an output takes place. Contract law makes everything done in an easy way. Contract
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Minimum two parties are required to implement a contract law. It provides oral and written agreements. The contract law can be implemented in specific terms relating to contracts, exchange of goods and services, making a business, making a habitual agreement, natural facts, employment etc. To cut short, contract law provides the law of contract. It provides promise to do something or give value in return in an exchange that can be called consideration. In a contract there are two functions. The first one is Offer. And the latter is Acceptance. There are other two functions relating to the first ones. These are promise and consideration. Promise means something sworn to perform and the consideration means some payment or promise in some form. Written contract law is suitable for nowadays. Because, oral forms are difficult to be proven and described. Because the parties might dispute or deny the contract when certain problems arise. On the other hand, written contract law gives minimum a single document to show to the agreement of the parties. Contract law sustains the legal capacity. It must be enforceable by law (Duxbury, …show more content…
Any unfair means would be taken actions against. Not only that, ignorance and denying giving proper consideration is a fraud against contract law. To ensure that, parties must maintain to write down the agreements in order to keep a document. Because these documents will show the records of the cases and files that link the agreements when necessary. A contract law consists of many legal facts like quasi-contract, warranty, gift, freedom etc. So we can say, in order to maintain a good agreement in any aspect, proper application of contract law is very essential and important. Because; contract law, if applied can bring success and

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