law

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Throughout the world, societies are made up of different fundamental elements, which are existent to hold them together. One of those key elements is the legal system. The law is an authoritative element affecting everyone as it precisely manages to outline the accepted forms of conduct from the different influential social aspects that are persistently improving over time. The legal system tends to contain a variety of components that are used to run the legal system. One of those components is a contract. A fraction of the legal system is based around the notion of contracts. A contract is a legal agreement with specific terms that is between two or more parties bounding a legal obligation between them. A contract is formed when an agreement between two or more parties consist of obligations in which are meant to be enforced. Is is designed to make sure the parties live up to their promises. There are four components that must be included in a contract for it to be legally binding. Those four requisites are offer, acceptance, consideration and compliance with formalities. In relation to the case involving the students and the construction company, there were a few issues that arose in relation to the students miscalculated the amount of money that was needed to fulfill their needs and costs. However, there was a binding contract between the students and the construction company. Case law consists of a divergence in a variety of cases. With the variation of controversies arising from contract law there are many different opinions on contract law. In the decision of ECNZ, the verdict that I prefer is the majority opinion. It tends to outline key components of a contract. It states that although a contract may have all the elemen... ... middle of paper ... ...ontractual obligations was the fact that the consideration had to work in favor of both parties. The decision reinforced the contract by allowing the plaintiff to receive the money that was promised in return of completing the work agreed to in the original contract. The payment of the additional amount was sustained by valuable consideration, which established an enforceable agreement . This is seen as a fair agreement to both the defendant and the plaintiff following the concept of contractual obligation, both parties are committing to their end of the deal. This concept of consideration is considered to be a reasonable value to be upheld by judges in relation to contract law cases due to the fact that it involves both parties. In this case, because both parties are receiving something in return of their actions, it is an important value to be upheld by judges.

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