Contract Law in Perspective - Research Paper Example

Discussing each case study in a lot of detail, the paper tries to establish a relationship between the problems that were faced in the cases and the effectiveness of the law. The latter part of the essay deals with the question of how the contract law can be made more enforceable by the following of certain procedures when it comes to the creation of the contracts. Overall, the paper combines the relation of the contracts and the contract law and deduces how deficiencies in the contracts can lead to deficiencies in contract laws.

A contract is a means through which an agreement is formalized between two parties on a particular subject. 1 In other words, it is through a contract that two different groups can make promises to each other about different services that have to be provided to each other in the future. Contracts are basically very important because they are used in almost all matters. The use of contracts ranges from the sales of goods and property to the hiring of an employee. Since contracts are increasingly getting important a set of rules and regulations are needed to govern the principles that determine the terms of a contract.

Therefore the contract law is of particular importance.The contract law is a set of rules and regulations that help govern the content, the validity and hence the induced formal relationship of two or more particular groups that may be related to the provision of goods and services.2 However, organizations this definition is not very vastly applied. The more appropriate definition is a promise or a set of promises that are made between two (or more) particular parties (let them be in organizations for that matter) and that is enforced by the law.

Contract law is also defined as a set of obligations, rather than promises, that the law would implement.