Law and It's System

Topics: Contract, Void, Common law Pages: 1 (346 words) Published: March 29, 2005
1.The importance of a contract law to the private market system is vital for our private enterprise economy. It helps make buyers and sellers willing to do business together. Contract laws allows private agreements to be legally enforceable. Contract laws provides enormous flexibility and precision in business dealings. It provides flexibility in that you can agree to literally anything that is not illegal or against public policy. It gives precision in that with careful thinking you can make another agree to exactly the requirements that accomplish even a very complex business purpose. 2.

a.Common law of contracts is understood to have many types of contracts. Another source is legislation. Various states have enacted the common law as a part of the state statues. b.The UCC is the Uniform Commercial Code which is a state-based legislation. This covers the sale of goods. 3.

a.The following phrases are important to the understanding of contract law because a bilateral contract is an agreement containing mutual promises. A bilateral agreement is whenever there is doubt about the form. The party making the promise can control the application of many concepts of contract law by understanding the distinction between bilateral and unilateral contracts. Unilateral contract is an agreement with only one promise. The maker of such a promise seeks an action rather than a promise in return. b.When many contracts arise from discussions in which parties actually discuss the promised terms of their agreement are called express contracts. Implied-in-facts arise from the conduct of the parties rather than from words. c.Implied-in-law contracts is when one party unjustly enriched at the expense of another, the law may imply a duty on the first party to pay the second even though there is no contract between the two parties....
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on law memo
  • law: leaving behind the inquisitorial system Essay
  • Essay about Malaysian Legal System Introduction to Law
  • Law and Healthcare System Administration Essay
  • Law and Health Care System Administration Essay
  • 1 Law and the legal system Essay
  • Essay on Rule of law
  • Business law Essay

Become a StudyMode Member

Sign Up - It's Free