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What is law?
by Mark Rutherford Online TutorAccording to the Dictionary meaning of Law, it can be defined as a set of rules specifying the code of conduct to be adhered by the citizens of a certain territory. The rules are enforced and approved by the Government of the state where the law is applicable.
Law plays an integral role promoting peace and social justice in a country, shaping moral standards, resolving disputes and facilitating smooth orderly changes as and when required.
There are numerous types of law, highlighting a few fields of Law would include Contract Law, Administrative Law, Constitutional Law, Business Law, Criminal Law, Insolvency Law, Tax Law, Intellectual Property Law, Equity law, etc.
Definition of Contract Law
As we all know that Contract is a legally binding/enforceable by two or more parties wherein each party assumes a legal obligation which must be followed.
A contract to be enforceable by law, it must adhere to the following:-
- Primarily it should make an offer of what all details will be exactly provided.
- Secondly, acceptance by either parties.
- Next comes in Consideration which refers to the exchange of either money or something of interest to be exchanged between the either parties involved.
- How capable are the parties in terms of mental ability.
- Importantly the intention of both parties play an important role and thereby helps to figure out how willing are the two parties to fulfil their promise.
- Lastly, comes the parameter of object of contract listing the legally enforceable terms and conditions.
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About Mark Rutherford 
Online Tutor
10 connections, 0 recommendations, 41 honor points.Joined APSense since, June 24th, 2019, From Alexandria, Australia.
Created on Jul 16th 2019 02:08. Viewed 436 times.
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