The purpose of this report is to enhance understanding of individual in the context of legislation of contract by evaluating principles and regulations related to this. The area that covered in this report are:
- Discuss the English Law and Roman Dutch Law principles of contract.
- Determine the factors affecting the contractual liabilities and elements of contract.
- Analyze the consequences of contract breach and determine proposed remedies for breach of contract.
- Explain the circumstances of discharge of contract as well as doctrine of frustration and its legal effects.
INTRODUCTION
The contract is major agreement that has been developed between two parties that will help in a better rise in mutual understanding between parties that work with each or. A contract is legally binding that ensures the proper execution of trade activities between two or more concerned parties (McKendrick, 2014). Various legal operations have been taken by parties to mitigate restrictions and shortcomings associated with the contract and or operations related to it. Various principles and contractual obligations have been discussed within firm and consequences on breaching of contracts have been focused upon.
TASK 1
P1 Defining contract and demonstrating English Law and Roman Dutch Law principles of contract.
P1.1 Contract and its formations and principles
A contract is legal agreement that help in the proper and development of a good mutual understanding of the parties entering in a contract. English and Dutch legal systems are quite similar and follow the same obligations that have been taken in consideration by people in contracts. The basic principles of a contract involve following different elements like offer, acceptance, considerations, mutuality and obligation, assessment of competency, and instrumentation. The formation of a contract involves the following steps:
Offering: it in providing of a contract to concerning a party to whom the contract is concerned. It is a condition when a concerned party is offering a treat or bidding to apply for business.
Auctions: in this bidder sells or hands over a commodity or asset in return of a particular amount or entity. However, the auctioneer has the right to accept or reject the proposal (Knapp, Crystal and Prince, 2016).
Display of Goods: This is situation or practice where commodity or product has been displayed to or concerning parties. Based on view and assessment of quality, before buying.
Advertisement: It is the promotion of goods and services that will help in generating awareness and insight among customers.
Tender: It is a proposal to the advertisement but the seller will see through most economic or best proposals suiting his requirements.
P1.2 Contract law under the English and Dutch legal systems.
The contract law ids equally operational in both, English and Dutch Law, which thus helps in better formation and development of a contract within a firm or by a business entity. In both law types, re is a pre-contractual liability, which is required to be fulfilled by concerned parties before entering in a contract. In the Dutch legal system, special emphasis is been laid upon contract law, while in the English legal system, it has been considered as common law (Kötz, 2017).
P1.3 Summary of legal precedents and principles
In an organization as per the common law system, a legal precedent is a condition that will help in better development of legal authority in an organization or a system. The legal binding and allocation of legal measures will lay very deep influence on overall operations. Various legal principles will have a deep influence on operations performed by firm. For example, as per case study, if A had been in contact with B, mobile phone deal must have not went off. A good contract helps in proper management of wide range of operations that will support a good rise in compatibility and management of the organization.
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