Contract Law
Contract Law
Name
BUS 311 Business Law I
Professor
Date
The law of contracts has been a part of our culture for a long time. Contracts are an agreement, either written or spoken, with a company or person to do something that is agreed upon with binding terms. Contracts are the glue that keeps the world of business together. They bind employees and companies, consumers and producers, and suppliers and wholesalers. A contract can vary from country to region or even jurisdiction, but a contract is always a legally enforceable agreement that meets certain legal requirements. There are many essential features that go into the creation of a contract that make it enforceable and the variety of contracts is endless. This analysis on all accounts will cover the creation and writing of contracts, the different types that exist, their enforceability, legal issues that might arise, and the importance of their function. The origin and creation of contract law can be traced all the way back to the Roman Empire. Although the Roman government didn’t really start to enforce contracts toward the decline of their society, their contract law books provide proof of a long social and legal evolution. It recognized a variety of agreements and contracts, some were considered enforceable while others weren’t. This first phase of contract law was lost once the empire broke apart, and didn’t resurface until the 12th century. The rebirth of contract law came about from the trade of merchants and suppliers which had nothing to do with courts of law. The merchant courts gave speedy justice and were overseen by men who were themselves merchants who understood all the customs and problems that could arise. Around the 13th century contract law in England started to develop through the courts and dealt with debt and covenant. When money was owed under an expressed or implied agreement for a benefit or item given, then the money was recoverable, as was breach of promise
Name
BUS 311 Business Law I
Professor
Date
The law of contracts has been a part of our culture for a long time. Contracts are an agreement, either written or spoken, with a company or person to do something that is agreed upon with binding terms. Contracts are the glue that keeps the world of business together. They bind employees and companies, consumers and producers, and suppliers and wholesalers. A contract can vary from country to region or even jurisdiction, but a contract is always a legally enforceable agreement that meets certain legal requirements. There are many essential features that go into the creation of a contract that make it enforceable and the variety of contracts is endless. This analysis on all accounts will cover the creation and writing of contracts, the different types that exist, their enforceability, legal issues that might arise, and the importance of their function. The origin and creation of contract law can be traced all the way back to the Roman Empire. Although the Roman government didn’t really start to enforce contracts toward the decline of their society, their contract law books provide proof of a long social and legal evolution. It recognized a variety of agreements and contracts, some were considered enforceable while others weren’t. This first phase of contract law was lost once the empire broke apart, and didn’t resurface until the 12th century. The rebirth of contract law came about from the trade of merchants and suppliers which had nothing to do with courts of law. The merchant courts gave speedy justice and were overseen by men who were themselves merchants who understood all the customs and problems that could arise. Around the 13th century contract law in England started to develop through the courts and dealt with debt and covenant. When money was owed under an expressed or implied agreement for a benefit or item given, then the money was recoverable, as was breach of promise
References: Boundy, C. (2010, Ch.1, pg.28) Business Contracts Handbook, Ashgate Publishing Group, Farnham, Surrey, GBR. Kreitner, R. (2006, Ch.1, pg.1) Calculating Promises: The Emergence of Modern American Contract Doctrine, Stanford University Press, Palo Alto, CA, USA. Liuzzo, A.L. (2013, Ch.7, pg.108) Essentials of Business Law (8th Edition) McGraw-Hill, New York, NY, USA. Ramagopal, C. (2008, Ch.3, pg.48) Business Legislation, New Age International, Daryaganj, Delhi, IND. Sharma, N. (2008, Ch.7, pg.93) Modern Business Law, Paradise Publishers, Jaipur, IND. Teeven, K. (1998, Ch.1, pg.9) Promises on Prior Obligations at Common Law, Greenwood Press, Westport, CT, USA.