Validity of Contracts Act 1950 Including Section 14 Essay Example

can be either written or oral,but oral contracts are more difficult to prove and in most jurisdictions the time to sue on the contract is shorter,such as two years for oral compared to four years for written. In some cases a contract can consist of several documents,such as a series of letters,orders,offers and counteroffers. There are a variety of types of contracts,Conditional on an event occurring,Join and Several,in which several parties make a joint promise to perform,but each is responsible,implied in which courts will determine there is a contract based on the circumstances.

Parties can contract to supply all anothers requirements,buy all the products made or enter into an option to renew a contract. The variations are almost limitless. Contracts for illegal purposes are not enforceable at law. Other than that meanings,another meaning of Contract Law is the body of law which regulates the enforcement of contracts. Contract law has its origins thousands of years ago as the early civilizations began to trade with each other,a legal system was created to support andto facilitate that trade.

The English and French developed similar contract law systems,both referring extensivelyto old Roman contract law principles such asconsensus ad idem or caveat emptor. There are some minor differences on points of detail such as the English law requirement that every contract contain consideration. More and more states are changing their laws to eliminate consideration as a prerequisite to a valid contract thus contributing to the uniformity of law. Contract law is the basis of all commercial dealings from buying a bus ticket to trading on the stock market.