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Legal Systems and Contract Law - Assignment Example

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The paper “Legal Systems and Contract Law” looks at the contract law, which postulates that when an agreement has been made between two parties either orally or in written form, it has its own validity. A contract is nothing but a legally binding exchange of promises…
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Legal Systems and Contract Law
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Download file to see previous pages The contracts are basically of two types. Sometimes written contracts are required, e.g., when buying a house1. In general, the vast majority of contracts
are made orally, like buying a book at a shop. No doubt, the written form of contract has an edge over oral form, but it doesn’t mean that the oral contracts are not enforceable completely. The same principle applies here in case of a contract made between Colonsay Mountain Equipment Ltd (Colonsay) and Alpine Ski Slopes Ltd (Alpine).
Even though there was an oral agreement made between Colonsay and Alpine for advertising and promoting each other’s sports equipment, Alpine later entered into an agreement with another sports equipment company which is completely unethical and illegal. According to the original verbal agreement, the Alpine had given its consent and then only Colonsay prepared a comprehensive draft contract and delivered the same to Alpine. Unfortunately, after receiving the draft contract, Alpine entered into an agreement with another company allowing huge loss to Colonsay which is highly objectionable. This comes under Breach of contract and hence Alpine can be punished under a court of law.
If one analyzes the UK Parliament’s new piece of legislation called the Formalities of Contracts Act 2006, it states that “An Act designed to make provision to require the agreement of certain contracts within certain sectors in writing in order to improve certain contractual relations in those sectors”. It also states that “35 (1) Any described transaction for gain, including for any definable financial advantage whatsoever, which is valued at GB sterling of 5000 pounds or more, entered into by at least one prescribed business in the UK, shall be recorded in writing, otherwise that contract will be invalid and unenforceable. It doesn’t mean that oral agreements of all categories are unenforceable.  ...Download file to see next pagesRead More
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Legal Systems and Contract Law Assignment Example | Topics and Well Written Essays - 1500 words.
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Legal Systems and Contract Law Assignment Example | Topics and Well Written Essays - 1500 Words.
“Legal Systems and Contract Law Assignment Example | Topics and Well Written Essays - 1500 Words”.
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