Contractual Law (Essay Sample)

Contractual Law
Insert your name
Course
Professor’s name
Date due
Contractual Law
Introduction
A contract refers to the agreement that exists between two or more parties, which is enforced by the legal system. The agreement may be oral or written. Most agreements based on legal system are written. The agreements between the parties must be made free form duress and should be voluntarily. In a situation where one party fails to fulfill his or her terms, then the party is said to have committed a breach of the contract. The promises that each party in the contract makes will define the obligations and rights of each party in the agreement. Most agreements allow the parties to define their relationship. This is the means of structuring their relationship in the contract. The basic principle of the binding nature of the contracts demands that the agreement between the parties should be made at arm’s length. This paper will discuss the obligations and duties that the parties within the contract have to fulfill.
Discussion
The aim of a contract is to establish the agreement that the parties involved have come into agreement. The rights and the duties that should exist should be according to the agreement. The law should be able to enforce a legal contract as it is created, unless there are grounds that prevent the ability of the enforcement. According to McKendrick, (2014), the courts are not eligible to create the agreements for the parties involved. The courts of law are only allowed to enforce the agreements. Each party within the agreement has a role and responsibility to carry. In each agreement made, both the parties have something, which is valuable. Each party within the contract has different obligations to fulfill (Chen-Wishart, 2012). The parties need to exchange something, which is of value. The elements of exchange may be a product, money, services or information. The rights and obligations of the parties involved are determined by terms in the contract.
Contract obligations depend on the subject matter of the contract. The contract obligation for a sale agreement may be different for the contract obligation of employment, and rental contracts obligations. According to Elliott and Quinn (2007), most legal agreements have similar terms and conditions that require the parties to uphold. One of the obligations that agreements need is the payment obligation of the parties involved in the agreement. In the payment obligation and duty, one of the parties is the buyer. The buyer is required to provide payment for the goods and services that she or he is supposed to pay. The party is legally bound to provide meet his or her duties and obligations as stated in the contract. The agreement terms usually state the terms and conditions regarding the obligations and duties of the buyer. The agreement terms should be able to state the obligations that specify the payment amount (Tepper, 2012). The deadline of the payment is also specified in the contracts involving payment.
The policy of the law is required to enforce and encourage the formation of the contracts between reliable parties for lawful objectives. Each party on the contract should be able to follow the terms and conditions, which they have agreed. Once the agreement is formed, the parties are not required to reject the terms of the agreement (Elliott & Quinn, 2007). An example of a contract obligation, which requires the parties to meet the terms and conditions, is the delivery agreement. In this type of agreement, the seller is bound to provide the delivery of the goods and services to the buyer. In this type of contract, the agreement may specify the terms and condition that each of the party should follow. This type of contract requires that the seller should be able to provide the goods and services at a specified time (McKendrick, 2014). The method of delivery is also specified in this type of contract.
Another obligation and duty that the parties involved in a contract should uphold is the ability to be honest. This type of obligation usually involves an agreement between an employer and an employee. In the contract formation concerning the employee and employer, the formation of the contract requires a bargain (McKendrick, 2014). In this bargain, ther...