Law And Contract Law: The Purpose Of Law

Law is “that portion of the established habit and thought of mankind which has gained distinct and formal recognition in the shape of uniform rules backed by the authority and power of the Government” Woodrow Wilson. Rules are established by the state and then they are controlled and run by those having legal power in the society. It consists of strict guidelines which run and correct wrong behavior in the society. Those who do not obey the law will be brought to justice and punished .Law must protect humanity or human rights, the purpose of law is that it should According to Ukessays.com (n.d) is a set of rules governing the relationship, content and validity of an agreement between two or more persons. Law of contract, a contract is an agreement

Contract law helps make a variety of contracts enforceable and benefit both parties in a contract. Contract law is a system of rules which are used to run agreements and make sure that each party within an agreement serves its duties and receives its rights. The main purpose of a contract is to validate the agreement that both parties have taken and to carry out their rights and duties in accordance with what is agreed upon. Contract law has been more formally defined as a promise or set of promises which the law will

It is through contract of law where enforceable agreements are reached. The exchanges made in the market place rely on those agreements. Forms of Contracts There are different forms of contracts the vary basing o the execution, validity and nature of consideration. I will discuss Bilateral contracts, Unilateral contracts, Void contracts, Voidable contracts and Bilateral contracts is about both entities have to deliver their obligation and duties as stated in the agreement Unilateral contracts whereby consideration is to be served by one of the party to the other one after the contract. Offer can be revocable until accepted as a result offer becomes irrevocable after performance has started. Valid contract the contract which is enforceable in the court of law, these contract has to have certain qualities which include consensus, free consent, certainty, legal obligations, capacity of parties, possibility of performance and lawful object. Most importantly is that it has the legal strength or binding effect. Void contract this contract cannot be enforced in a court of law because it like the is no contract at all because no legal force or binding