Law of Contract Assignment Example | Topics and Well Written Essays - 3500 words

Law of Contract - Assignment ExampleIt may be noted that a contract essentially contains two fixingss Agreement and enforceability by law. An contract is defined as every promise and every set of promises forming consideration for new(prenominal). This essentially means that there should be an offer and acceptance to form an agreement. It is important that out front an agreement is finalized there should be a Consensus ad idem (Consensus to the matter) between the two parties. Both the contracting parties should say and mean the same without which there cannot be a contract.The other element of contract, enforceability by law, emphasizes the importance of intention to create a legal obligation or duty to perform or abstain from performing certain act(s). These acts could bushel to social or legal matters.A standard form contract is a pre-established leger of legal terms regularly used by a business entity or firm in transactions with customers. The present specifies the legal terms governing the relationship between the firm and another party. The firm requires the other party to accept the record without amendment, and without expecting the other party to bop or understand its terms.A Standard Form of Contract is used because the contract record specifies the legal terms governing the relationship between the firm and another party. The firm requires the other party to accept the record without amendment, and without expecting the other party to slam or understand its terms.Why would anybody use a standard form of contactA Standard Form of Contract is used because the contract record specifies the legal terms governing the relationship between the firm and another party. The firm requires the other party to accept the record without amendment, and without expecting the other party to know or understand its terms. The effectiveness of the Standard Form of Contract is only when it is accepted. The Standard Form of Contract are being used since the 19th deoxycytidine monophosphate for many commercial transactions like railroad tickets, insurance contracts, lottery tickets and mail order sales contracts. These contracts do facilitate business transactions. Another study reason for using this Standard Form of Contracts are that economize time and effort and dispense with formal contract requirements that would impede business and raise the be of products.Available Standard forms of Contract1. Repair and Maintenance Contract. This is a contract used for a home owner/occupier without a consultant. (JCT)2. Minor whole shebang Building Contract with contractors design. This is used as a Home Repair and Mainte