Law and ethics - Research Paper Example

Contract Law Contract Law Introduction Workers must understand basic elements of contract especially from their legal perspective. The idea increases their bargaining power while ensuring that they gain higher returns from the contract. As this paper will demonstrate, the binding effects of the contract should match the underlying contents while noting the succeeding penalties. A. Binding effect of Contract The nature of consideration for any contract, first, is dependent on the subject in question.

It implies that both parties entering the contract have a lasting agreement that is based on mutual understanding. Therefore, in case of employment contract, it is critical for both the employee and employee to understand the terms and conditions that define their agreement. Additionally, the contract clause called binding effect ensures that both parties have sufficient knowledge or skill concerning the consequences of their actions (Chen-Wishart, 2012). On the other hand, labor law should focus on the rules and regulations that define minimum wage and collective action.

Accordingly, provision of warranty is vital because it allows an aggrieved party to claim losses suffered or monetary damages. Overall, the defining rules should equally have collateral contracts besides the main contract to assist in case the other fails. B. The Content of a Contract Terms It is crucial to comprehend the contents of a contract in relation to the clauses and limitations that are often defined by civil or penalty law. A penalty law is imposed in case a party contravenes the contents that bear a huge significance in the contract.

Consequently, a penalty could assume a monetary payment or forfeiture of certain resources that are clearly spelt out in the employment contract. Alternatively, adducing supporting evidence is fundamental in cancelling a contract or invoking the civil law to receiving fine for restitution (Poole, 2012). Similarly, under the labor laws, both parties must thoroughly acknowledge the limitations of the contract. For example, the contract could either be rescinded or void depending on the emerging terms and conditions. C. Construction of the Contract Construction of the contract must obey the relative terms that are spelt out by employment contract or labor laws.

This is because it is upon both parties to set the agendas of the bargain including subsequent rights and responsibilities. Likewise, during the construction of the contract, comprehending the implications of social subordination and economic dependence will determine the avoidance of civil penalties. Conversely, the labor laws must address the issues of bargaining power that breed inequality between individual parties the scenario usually result to conflicts and injuries (Chen-Wishart, 2012).

Another important idea is to formulate a workable collateral contract that can assist in case the main one fails. It must have all the prerequisite terms and conditions of legal contract to favor either of the parties in case of a breach. Conclusion It, thus, is imperative to introduce workers to civil education that sensitizes them over contract laws. It should be an initiative advanced by the management to enable them comprehends the terms and conditions that define labor laws or civil laws that protect contracts.

ReferencesChen-Wishart, M. (2012). Contract Law. Mason, OH: Oxford University Press.Poole, J. (2012). Textbook on Contract Law. New York, NY: SAGE.