Contract Law Research Paper Example | Topics and Well Written Essays - 2500 words - 1

Contract Law - Research Paper Example For each case that comes under the law of contract the approach implied is a mixture of both the classic and new models. However according to some commentators the, modern contract law lacks clear and distinct principles itself and therefore each case has to be treated according to its specific circumstances and conditions. (Mulcahy. Pp 3-4. 2008) Proper law of contract is very important in a society where the trading and exchange of goods and services are important factors in maintaining the economic order. In many of the developing capitalist societies, the proper regulation and support for exchange processes of trade and goods and services have to be there. (Mulcahy. Pp 6. 2008) A breach of a contract is a situation in which one of the parties involved in the contract refuses or fails to fulfill its obligation or duty under the contract without giving any legal excuse or cause. The aim is to put the contract to an end without fulfilling one’s liability. The breach of the contract is usually at the stake of one of the parties involved in the contract and for this reason, the law gives several remedies for the breach of contract. The remedy that is employed for the breach of a contract depends upon the type of breach, its method, nature, and seriousness. When there is a breach of contract the harmed or injured party can claim compensation from the damages that resulted from the breach. The breach declares that the contract is discharged or released and in so doing the involved parties are released from obligations under the contract or forced to perform the obligations. (Fitzgerald and Olivo .pp 129. 2005) The remedies that are generally available in the event of a breach of a contract are damages, specific performance, injunctions, rescission, discharge, quantum meruit, and substantial performance. (Fitzgerald and Olivo .pp 131-145. 2005) The first contract was between Scott and Brown for purchasing 50 bags of flour that were actually stolen by Brown,