Contract law case study
A contract law includes various kinds of rules and regulations enacted for enforcing specific promises made about certain conditions. In a contract, each of the parties has certain obligations to be followed. The agreements between the parties are entered daily about specific requirements. Once a deal is made between the parties, it is legally binding on both the parties taken into consideration. When the parties enter into a contract, they need to follow the terms and conditions of the agreement. Understanding the terms and conditions help the parties to achieve desired goals regarding the deal.
Formation of Contract
There are certain conditions taken into account about the establishment of a contract. The parties to the agreement need to follow the terms and conditions as it helps in performing the activities regarding the deal well.
- Agreement: The first step regarding setting up a valid contract is to set up an agreement regarding the deal. For binding on the parties to the contract, the agreement should be framed between the parties. The parties to the agreement must consent to the protocol for avoiding any confusion later on.
- Consideration: The second criterion regarding the contract is a consideration. Consideration is essential for the deal to be legally binding on the parties to the agreement.
- Creation of legal relations: The parties to the contract should make sure that their objective is to create legal connections among themselves.
- Capacity: The parties to the contract in this situation should have the capacity to contract with each other. By the ability to contract, it means that the parties to the agreement have attained majority. The parties should be legally eligible to move forward with the contract.
- Formalities: In the contract, all the necessary formalities should be carried out, and based on the ceremonies; the entire agreement is going to be performed.
Method of Solving Contract Law Case Study
- The first step in solving the contract law case study is the step of reading and thoroughly examining the case. While reading and carefully reviewing the evidence, the fundamental problems are also identified.
- The second step is to have focus on the analysis. There can be a few critical problems regarding the case study. The issues related to the case shall be identified, and accordingly, decisions will be made.
- The third step is to identify specific possible solutions for initiating the activities to be performed regarding the contract case.
- The fourth step is the selection of the best solution, which would help in solving the contract related problem.
Process of Analysis of Contract
For analyzing a contract, a particular process has to be followed. With the help of identification of the agreement, it becomes easier for the readers of the contract to find out better ways of doing the things. There are a few steps and procedures to be followed about the analysis of the agreement. The measures include facts, issues, rules, analysis, and conclusion. This entire process helps in doing a detailed analysis of the contract. With in-depth analysis, it becomes easier to work out the tasks well and effectively achieve the goals.
- Facts: The first step in the contract is the identification of the events. The effects include the parties to the agreement, details of the contract, and reasons for conflict between the parties. These factors help in doing an overview of the contract and help in making better decisions regarding the contract analysis properly.
- Issue: The next step is the identification of the item under consideration. While finding out the problem, the reason for the dispute between the parties shall be taken into account. Here, the decisions are to be made based on the issues.
- Rules: For every category of contract, there are specific rules required to be followed. The regulations include the laws framed about the case. On considering the law, it also becomes easier to find out the solution to the matter under consideration.
- Analysis: Once rules are identified, the entire case is analyzed based on the laws and regulations set up. Overall, the case helps in making sure that the tasks are performed well, and the analysis helps in finding out the solution to the issues underhand.
- Conclusion: Finally, the decision to the case is made with the help of identification of termination. When the outcome is identified, the result of the matter is determined. With the help of determination of the case, it becomes easier for the readers to find out the things which happened in the case under consideration.
Sample Case Study
In one of the cases, the contract was carried out between two parties. One party to the agreement was the organizer of the show and the second party to the deal was the singer. The organizer and singer agreed on performing the show on a given date. The show was organized, but the singer did not turn up. Both parties had agreed that they would follow the terms and conditions of the contract, but, the singer failed to follow the same. In the agreement, there were provisions for damages to be paid by either of the parties wherein; the contract was not performed by the parties. Here, the singer is at default as he has not completed the agreement properly. He should have followed the terms and conditions of the contract and made sure that he reaches the place where the show was going on. Here, the terms and conditions of the agreement must be laid down appropriately. With the help of proper decision making regarding terms and conditions of the contract, none of the parties shall be at a loss in case the deal is not performed correctly. The provisions of damages help parties to have compensation for the loss at the time when the contract is not completed. Here, also, the requirements for damage were present, and the provisions lead to providing help to the organizer of the show.