The Fundamental Aims Of The Law Of Contract - 1554 Words

A contract, simply and popularly defined, is an agreement voluntarily entered into by two or more parties who have the intention to create legal relations. It can be said that one of the fundamental aims of the law of contract is to provide a fair framework within which the parties are free to contract. Lord Steyn has, extra-judicially, raised this point: â€Å"A thread runs through our contract law that effect must be given to the reasonable expectations of honest men†¦ Although the hypothetical reasonable man pursues his own commercial self-interest he is by definition not dishonest. The proposition can therefore be re-defined simply to say that the law must respect the reasonable expectations of the contracting parties†. As contracts are characterised by having legal consequences, the law of contract seeks to find a way of interpreting the actions and utterances of the parties in such circumstances. In establishing the legal position in a given contractual dispute, it is a general rule that the courts do not ask what it is that the parties had actually intended. The parties are depersonalised and the courts take an objective approach based on what the parties have perceivably done. The question is often asked of what a person of ordinary sensibilities, ‘the reasonable person’, in the position of the parties would have understood from their dealings and not what they subjectively reckoned. As Lord Hoffmann reasoned in Investors Compensation Scheme Ltd v West BromwichShow MoreRelatedRelations Between China And China1367 Words   |  6 PagesConvention on Contracts for the International Sale of Goods (CISG), which establishes a system of uniform sale of goods rules to govern the rights and obligations of parties to international sales contracts by taking into account the differing legal systems and different business expectations common in cross-border transactions. Despite the provision of the uniform international sales contract rules, it is still critical, in some situations, to become acquainted with each country’s contract law, for theRead MoreThe Constitution Of The Peoples Republic Of Bangladesh1160 Words   |  5 Pagesgeneral protec tion as a citizen they do not have any specific legal protection for the enforcement of their rights relating to domestic work. Laws regarding Domestic Workers in Bangladesh: The legal and institutional framework for regulating domestic work and protecting the rights of the domestic workers in Bangladesh consists of particular provisions in various laws of the country: the Constitution of the Peoples Republic of Bangladesh, the Labour Act, 2006,the Domestic Servants’ Registration OrdinanceRead MoreThe Law Of Obligation Is A Private Law1672 Words   |  7 PagesThroughout history, the law of obligation has held such prodigious value in the face of private law. Being the heart of both Contract and Tort law, it is a pervasive phenomenon of our social life. Both Tort and Contract law protect the rights, and ‘that protection cannot be legitimately compromised to achieve the aim of just distributing’ . This proposition may be true in the late 19th century, in the present time, however, the law of obligation has been ‘built on the law of its predecessors, manipulatingRead MoreAdvertising Firm On The Lawful Impact Of The Representations 1352 Words   |  6 PagesThe fundamental reason for this report is give guidance to the advertising firm on the lawful impact of the representations in the brochure. By analyzing a scope of as of late distributed journal articles, magazine articles and websites on the point of contract law this report depicts the principle sorts of agreement and the material expected to shape a lawful contract. A contract can be characterized as an understanding containing guarantees made between two or more parties with the aim of makingRead MoreCase Analysis : Office Supply1339 Words   |  6 Pages1502: Fundamentals of Law Assignment Topic Due Date: Friday, noon, of week 9 Name- Supreet Singh Student ID- 30306815 Lecturer- Nadine Clode Q1. Office Supply brings a claim for breach of contract against CompuHelp. Discuss whether Office Supply and CompuHelp formed an enforceable contract, AND whether Office Supply is likely to win its lawsuit? Ans. In the case of CompuHelp and Office Supply: To discuss whether CompuHelp and Office Supply formed an enforceable contract we haveRead MoreIntroduction Of Business Law Coursework Assignment1717 Words   |  7 PagesIntroduction to Business Law Coursework Assignment Question 1 Part 1: In the English system, there are two laws that have a huge and fundamental impact on the English law. These two laws are the most common type of laws that are carried out within the court, either in Crown Court or the Magistrate’s Court. Depending on the seriousness of the damage caused by the breaking the law, not all prosecutions are carried out in the Crown Court. The English Law coincides within two countries of Great BritainRead MoreThe Corporate Veil : Saloman And Beyond1269 Words   |  6 Pages1. Chapter One: The Corporate Veil – Saloman and Beyond 1.1 What is Limited Liability? In any business, there is a fundamental risk of loss or failure. Such failings are induced by a variety of reasons where an individual may not be at fault. As such, likely business men would be reluctant to launch new business ventures due to uncertain success or unpredictable markets. In such a scenario there lays the possibility of losing one s personal property to repay any debts that a failed businessRead MoreCase Study : Business Law And The Federal System Of Government1079 Words   |  5 Pages Unit Name: Business Law Year: 2014 Trimester: 2 Location: VU Sydney Prepared by: Robert Alvarez Unit Code: BLO1105 Unit co-ordinator: Name: Robert Alvarez Location: Footscray Park - Room A339f Contact number: (03) 9919 5147 Contact email: Robert.Alvarez@vu.edu.au Teaching team: name: Carlo Soliman Email: carlo.soliman@vusydney.edu.au Student name: Mohamad AL Masri Student number:Read MoreDefinitions Of Offer, Acceptance, Legal Consideration, Capacity, And Legality Of A Contract1208 Words   |  5 PagesIntroduction The purpose of a contract is to enforce the agreement that the parties have prepared and to define their privileges and tasks in accordance with that contract. The legislative should implement a legal contract as it is created, unless there are factors that impede its enforcement. It is the purpose for the declaration to advance the improvement of agreements between proficient gatherings for lawful bases .As a universal statute, contracts by able parties, justifiably prepared, are compellingRead MoreEU Employment Law1698 Words   |  7 Pagesobjective, reliable and comparable date on the respect of fundamental rights in the EU.’ After enforcing the Charter of Fundamental rights as primary law, the national courts have been using the Charter frequently on different cases. The Charter had a great impact upon the nationals Court’s decision on protecting social rights related to employment and labour law. This essay will focus on the development of the Charter within the EU law through different cases. The first part of the essay will be