A contract is a legal agreement between two individual or parties. In any type of contract, there is some legal obligation that the parties or the individual who is going to sign the contract must complete. In our daily life, we come across of various contracts, such as while we buy a property or a car we have to sign a legal contract. Similarly, when we take a loan from a bank or any other financial institute we are bound to sign a contract and even when we got a job offer we also need to sign an agreement. In a contract, we have to agree to certain terms and conditions that cannot be violated once the contract is signed by both the parties who are involved in the contract.
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Major Aspects of Contract Law
Legal issues over the contract arise when any one of the party who are involved in the contract intentionally or unintentionally fails to perform the legal obligation that is there on the contract as its terms and conditions. If any one person or party who are involved in the contract breaks the legal obligation or make any kind of breaches with the terms and conditions of the contract, then the other individual or party can sue him for money that are being damaged due to the promise he had done through the contact and could not fulfill. He can then file a petition on the court against the individual who had failed to keep up the legal obligation and the other party will then be forced to pay all the money that was damaged due to the agreement breach or have to perform as mentioned on the contract.
Sometimes both parties or individual who is involved in the contract can misunderstand the terms and condition of the contract and can end up in legal disputes. In such case, both or any one of the party can file a petition in the court and court have to settle the agreement according to the rules of law and commercial practice.
Contract law Case Study
Every year hundreds of law students across the world contact BookMyEssay for the case study and assignment help on contract law. In a case study, it is seen that the contract law and commercial practice are now very common. As such the demand of contract lawyer is also very high. Since with every breaching of the contract, the non-breaching party can be sued in the court who will then be forced to compensate the money for damages done on the failure of the terms and conditions. So, every company is now hiring a personal contract lawyer as the contract has now become a common and important part of every business and economic activity. Having acquainted with all contracted law and commercial practice a contact lawyer helps their client to settle the issue in case of any contract conflicts.
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