A discussion of the law of contract, and especially laws that apply to breach of contract.
Written in 2008; 1,347 words; 4 sources; APA; $ 45.95
Paper Summary:
This paper discusses laws that apply to breach of contract, related to an interview the writer conducted with Mr. James Pflanz (a lawyer specializing in small business issues). The writer explains how the law of contract is part of private law, and is designed to make sure that parties to a contract keep their promises to each other, and to provide remedies if parties do not keep their promises. The writer further discusses how in the case of partial or complete breach of contract, the wronged party may use contract law to try and get a remedy, which is usually damages. The writer asserts that it is very important in business to have a really good contract drawn up by a lawyer, so that a party does not suffer undue losses due to breach of a poorly written contract.
From the Paper:
"One of the main purposes of contract law is to promote cooperation between parties, and make them keep their promises to each other. When parties cooperate and keep their promises, they can achieve success. However, if they do not work together and cooperate, or if they break their promise, then things can go very wrong. Money may be lost, and it may become a situation where the different parties blame each other for losses. Or else, it may be that a party does not do what they were supposed to do, or do it properly. In this situation, the law of contract lays down ways in which the wronged party can sue for breach of contract. This is the kind of situation I uncovered in a personal interview with Mr. James Pflanz, a lawyer specializing in small business issues."
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