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A Line Between the Policy and the Procedure According to the Law - Research Paper Example

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The paper describes the contractual law that is based on a Latin principal agreement to be intact or in a broader spectrum pact to be materialized. It is a form of economic order across the globe, hence, different rules and regulations in a different location of the world apply…
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A Line Between the Policy and the Procedure According to the Law
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Download file to see previous pages Here we may cite the example of a one-sided contract in the case of Carlill v Carbolic Smoke Ball Company. Responsibilities can only be determined provided one party of a contract offers the terms and the other accept the terms of a contract. In the American legal system in case of non-performance / ill intention of the acceptor, the aggrieved may call the acceptor to fulfil contractual/legal obligations by performing their duties as enshrined in the contract (Barnett 2003). Monetary compensation is the only option available to the acceptor in lieu of losses incurred individually or collectively. The court of competent jurisdiction or the appointed arbitrator by the court of law determines the losses occurred to the company and the value of monetary compensation offered there against (McKendrick 2005). Compensation is a two-pronged strategy which comprised of legal consequences for the wrongdoers and to provide the option of a bargain if need be. Legal detriment refrain acceptor to do something which is against the law/amounts to a breach of contract. In the mentioned scenario the affecters may invoke the jurisdiction of the competent court of law for compensation in lieu of damages. A legal detriment is a promise to do something where the law permits to do so or to refrain from doing something where the law does not permit to do so. The two aspects i.e. legal detriment and bargain which are closer to each other, establish relationship who offers contract and the one who accepts a contract to abide by the terms of a contractor to face the consequences of a breach of contract. ...Download file to see next pagesRead More
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