Essays on Contractual Term
A contractual term is a clause or part of an agreement between two or more parties. It can be either written, oral or implied and sets out the rights, obligations and responsibilities of each party to the contract. Contractual terms are generally enforceable by law, and breach of such terms may result in legal action taken against the breaching party. Contractual terms vary depending on the type of agreement being made, but all contracts must contain certain fundamental elements in order for it to be legally binding. These elements include: an offer; acceptance; consideration (meaning something given as payment); capacity (the ability to enter into a contract); legality (i.e., no illegal activities should be undertaken); certainty; intention to create legal relations; privity (where both parties have knowledge of the agreement).In addition to these elements, contractual terms also need to include provisions that detail how each party will fulfill their obligations under the contract. These might include performance standards, payment schedules/amounts due, warranties regarding quality/condition of goods/services provided, dispute resolution procedures etc.. The specific contents of these clauses depend on what type of agreement is being entered into and any particular industry-specific regulation applicable to it. It is important for businesses entering into contracts with other parties to ensure that they understand all applicable laws relating to contracting agreements before signing off on anything so that they can properly protect themselves from potential liabilities arising from any breach in contractual terms down the line. A good lawyer experienced in business law should always be consulted when entering into a contract – even if it’s just a simple purchase order – as having clear communication between both sides at negotiation stage helps avoid issues further down the road if things don’t go according to plan.
It is generally accepted within the law of contract that the ideal[s] of contractual fairness and liberty should prevail in contractual disputes. Central to these ideals is the doctrine of consideration and the principles within this doctrine such as, the lack of adequacy needed for consideration and the rules derived from both Stilk v Myrick […]
The Consumer Protection Act 1999 (CPA) is an act with the objective to protect the consumersâ right which came into force in Malaysia on 15th November 1999. Basically, the provisions of this act cover areas not covered by other existing laws. This act provides simple and inexpensive redressal to the consumerâs grievances and relief of […]
The terms of a contract describe the duties and obligations that arise under the agreement. Although a term has not been expressed by either party, it is nevertheless contained in the contract. Terms can be expressed or implied. Expressed terms may be expressed orally or in writing. A term may have been omitted by mistake, […]
When surveying Europe’s legal landscape, English law’s refusal to incorporate a general duty of good faith identifies it as somewhat of an oasis, standing in stark contrast to those around it. Yet in examining the net result of those ‘piecemeal solutions’ used in its place, is it truly so adrift? If, after all, these present […]
INTRODUCTION AND RATIONALE OF QUASI CONTRACTS Under the general heading of the Quasi contract there has been grouped a number of cases which have little or no affinity with contract. A simple illustration is afforded by the action to recover money paid by mistake. If the plaintiff on an erroneous interpretation of the facts, pays […]
