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International Business Law - Assignment Example

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Name School Number Professor Subject Date Business Laws Discuss the contention that contract is the basis of all commercial relationships by reference to illustrations from the following areas: A contract is a legally enforceable agreement between 2 or more parties and is a set of promises made by one party to another, for a certain consideration for the promises kept by the other party…
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International Business Law
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Download file to see previous pages In a contractual relationship, both parties can create their rights and obligations. In other words, either party can discuss the tasks to be completed, the services or products to be provided, and the consideration that would be exchanged. Hence, a contract is a mean of structuring relationships. As there needs to be a consideration present in a contract, and not much elaboration is present on the value of the consideration, there are a lot of flexibilities in the manner in which contracts are developed (Smithies, 2007). Contracts can hence help structure commercial relationships, as in many commercial transactions the several characteristics are noted:- The payment mechanism would vary and be subjected to negotiations between both the parties The deal needs to be explained and contracts can help to explain this The legal enforcement provisions would vary – for example for land purchases the statutes applicable would vary from what applies for employment agreement The applicable law in case of disputes Contracts tries to keep several parts as informal as possible, as for daily functioning, it would be difficult to have a contract that is formal and speaks in terms of strong legal language. The applicability of contract can be used for almost any kind of transactions, provided the same is for a legal motive, the parties are capable of entering into a contract, and thirdly that there is some kind of consideration involved. Damages and remedies can be prescribed and per the appropriately of the transaction and also the intentions of both the parties. The laws applicable and the primary court of jurisdiction can be inscribed as per the convenience of both the parties Dealings in contracts of the commercial nature require communication of a daily basis. Using modern technology, contractual documents and official business related testimonials can be sent across through email. A contractual agreement would respect the validity of such documents, as contracts also consider electronic documents of a legal nature For the convenience of commercial transactions, contracts can also be in an electronic form and would be legally valid with digital-signatures of both the parties A contractual agreement can bind a company for taking up a business transaction The intention of a contract agreement is not to create a legal relationship. Many of the commercial contracts try to ensure that legal terminologies are kept out as much as possible. A contract should not create a legal relationship, but the enforcement of the contract is such that it should be capable of legal enforcement in case one party is unable to keep up with the promises meant for the other party. In case one party defaults, the other party can look for enforceability of their rights through legal mechanisms in order to ensure smooth conductance of business. Besides, when consumers buy goods or use services, in order to ensure that the quality of goods or services is maintained, the same guarantee can be provided through a contractual agreement. A breach of contract would arise when the terms and conditions of the contract are not met by one party. For contractual disputes to be settled common law, statutory law, constitutional mechanisms, international trade agreements or conventions, consumer law, etc, ...Download file to see next pagesRead More
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