Sample on CONTRACTS LAW

Introduction

A contract is said to be a legal agreement between parties over a particular specific matter, as espoused by Larson (2003). Freedom of contract is held as the ‘general rule’ in Adkins v. Children’s Hospital, 261 U.S 525 (1923). It therefore is the fulcrum of all binding contracts.

Discussion

Consensus ad idem was put forth in Taylor v. Merchants Fire Insurance Co 50 US (9 How) 390 (1850) as merely a concept recognizing a meeting of the minds, (Mulcahy and Wheeler, 2005 p78). This can obviously be discerned from the intention of the parties and in adjudication; the courts of law will try to examine the intent of the parties. It has been defined by Klaas (2010 p.65) as being defined from the acts, words and actions of the parties around the contract formation.

There must be an offer that is then accepted for there to be a contract and the meeting of the minds. The parties must then ‘exchange something of value’, (Larson, 2003) after the offer is accepted for the exercise to be complete.

Contracts have cardinal importance in the global business arena since contracts are legally enforceable agreements, as “it involves legally binding obligations between two or more parties.”[i] It provides a remedy for the various parties whenever one feels that there has been a breach as the contract “specify, limit and define the agreements that are legally enforceable.”[ii] Enforcement of the contracts will be based on the specific terms and intentions of the parties which makes it hard for any new allegations on the intended purpose or intention of the contracting parties.

Conclusion

Contracts have played an important role in expanding the business environment and under the US constitutions, the First Amendment provides for freedom of expression and freewill. The only threshold therefore is the legality of the contract.

References

Aaron Larson, (October, 2003). Contract Law – An Introduction. ExpertLaw. Retrieved February 6, 2011. https://www.expertlaw.com/library/business/contract_law.html

Gregory Klaas, (2010). Contract Law in USA. Kluwer Law International, 292 pgs.

Linda Mulcahy and Sally Wheeler, (2005). Feminist perspectives on contract law. Routledge, 180pgs.

 


[i] George D. Posgar, Legal aspects of healthcare administration. Page 72

[ii] ibid. Page 73

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