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Legal Reference Concepts of Contracts - Coursework Example

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It will be argued that contractual agreements can be Godly or otherwise. First, biblical worldview will be defined and related to the formalizing and performance of contracts. Throughout the analysis, the paper will…
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Legal Reference Concepts of Contracts
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Download file to see previous pages Biblical worldview refers to human perception of the events in the world from the lens of the inerrant, perfect God. Through the perception, human beings define reality and human relationships as influenced by biblical morals and teachings. For example, biblical worldview regards natural, flawless life and the moral human activities as the work of God. In light of these arguments, all contractual successes are attributed to God while any failures are regarded as the work of evil. Sometimes failures within the context of the biblical worldview are regarded as lessons which if taken positively will avoid bad consequences of one’s actions in future.
Contracts are very common and form an important part of modern law. A contract is an agreement between two or more parties, giving each side clear obligations to perform towards its success. For proper apportioning of obligations, a contract must meet all of the primary conditions such as: the parties being competent; seeking or giving out a subject matter; a legal consideration by the offeree; mutuality of agreement and of obligation (Huffman, 2012). The most important condition to the formation of a contract is consideration, which generally involves money changing hands.
A definite value of the subject matter or compensation is normally an imperative element of a valid contract, and in cases where the value is not fixed, the contract must provide a clear procedure for determining the price. So it is a common principle that the contract will lack the enforcement power when the price is not specified and the strategy of arriving at the value is also lacking (Jindo, 2011). Regardless, there are clear reservations in applying the doctrine. The contemporary contract normally involves money. In biblical worldview, a contract does not necessarily involve money. Biblical scriptures say even if all the worldly elements of a contract have been met, the parties will still face problems with performing ...Download file to see next pagesRead More
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