Category: Contract Law

According to Popow, there are three bases for legal liability, which are tort, terms of a contract, or a statute/law. To be more exact, three types of liability exist and are distinguished by their bases: Tort liability Explanation Tort liability presupposes the responsibility for doing any kind of harm to a person. As a rule,…

A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. Contract law is based on the Latin phrase pacta sunt servanda (pacts must be kept). Breach of contract is a legal concept in which a binding agreement or bargained-for exchange is not honored by one or more…

In modern society, there are several different legal concepts applicable to various situations. This essay will analyze tort law and contract law and their similarities and differences. To begin with, it is necessary to define both concepts. A tort is an offense that causes damage to society, the state, or a person. Such an offense…

Indeed, under the chapter 11 definition, a contract is a promise or set of promises between two agreeing parties. The contract needs to be agreed by both parties, with an exchangeable trade, services, or money as the central focus. In short, a contract needs to have something of value to be exchanged or considered legitimate,…

Introduction The corporate world requires adherence to the Uniform Commercial Code (UCC) in making business contracts. The contracts involve covenants or agreements between the parties signing them; there is a format for drafting any corporate contract. A contract is considered enforceable if it meets the thresholds of consideration, legality, capacity, and formal writing. Standard corporate…

Table of Contents Facts Issue Courts Rationale Significance of the Case Facts William E. Story II was given a promise by his uncle to be paid $5,000 which translates to $72, 000 in today’s dollars rate under conditions that he refrained from drinking, using tobacco, swearing, and playing cards for money till he was the…

Table of Contents Introduction Issue Rules Application/Analysis Conclusion References Footnotes Introduction According to Khoury & Yamouni (2010), a contract is a “legally binding agreement that intends to formalize an agreement made by two or more parties and is legally enforceable if it contains the elements of a valid legal agreement. In case of a breach,…

Table of Contents Introduction Definition of Contract Law Process of Contract Formation An issue in Contract Law International Contract Law Conclusion Reference List Introduction Law is usually understood as the structure of rules which are developed and carried out through various governmental institutions in order to regulate and bring overall harmony to the society. In…

Table of Contents Issue Rule of Law Analysis Conclusion Work Cited Issue If Reliabuild claims the $350,000 from Bill as damages for breach of contract, Will Bill succeed in his defense? Rule of Law Mistakes in contract law occur when there is an inaccurate understanding by one or more parties to a contract and could…

The Facts of the Case Mrs. Lastic’s daughter was having a wedding in May. In preparation for the wedding, Mrs. Lastic agreed to hire Mr. Johnson’s vintage, white R. Royce as a bridal car. She engaged Mrs. Kay to take the photos. Further, she hired Mr. Leslie to do the catering for the reception. Mr.…