Reflection on the Law of Contracts
We enter into deals and sign contracts day in day out. Sitting in a bus amounts to getting into a contract. Putting a coin in a slot of weighing balance is itself a contract. More often than not, we do not realize when we enter into contracts. People who engage in business, commerce, or industry often carry out businesses through getting into contracts. The law of contracts bears a key disparity from other types of laws in that it doesn’t lay down precise duties and rights which the law protects and enforces, but contains many limiting principles from which parties may come up with rights and duties for themselves. It is held that the law of contracts gives the parties involved, the freedom to make laws to themselves provided they do not transgress the legal prohibitions. They are at liberty to frame rules as they so wish regarding the subject matter of the law and contract that binds them.
A contract is an agreement that can be enforced by law. It also refers to a promise or set of promises that form a given consideration for one another.
The element of an agreement includes proposals or offers and acceptance of the presented offer or proposal.
It should be noted that not all agreements are contracts. The only agreements that are contracted are those that are enforceable by law. The Contract Act is known to be the only law that provides a framework upon which agreements create obligations and in the event that one party breaks or breac…
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