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Contract law
Definition: Contract law is the body of law that governs, enforces, and interprets agreements
involving the exchange of goods, services, property, or money (LII, 2021).
Essential elements: Agreement, consideration, legality, intention to create
Case example: Roscorla vs Thomas 1842
Definition of past consideration: If there is a contract available along with other promises
from one party in the future. Future promises are not included in the contract (Taxmann,
2021).
Rule of offer: Providing information is not considered an offer if the respondent has made the
same promise prior to the sale then the respondent will have a claim. Because the promise
was made after the sale, the claimant could not give any consideration to it; and therefore he
cannot claim it.
Why contract law is important: Contract law plays a role in protecting the people involved in
the contract, creating a legal framework. In addition, contract law can also resolve
agreements, regulate the contractual obligations and maintain compliance.
Impact of contract law on business: Contract law can create relationships with other
businesses by the terms and conditions in the contract. In addition, contract law also helps
customers ensure the quality of the product, the product manufacturing process, and the
product information as stated in the contract.
Specific example: The customer purchased an online course with a doctoral degree from the
company Pedagog. If Pedagog wants to sell a PhD course to a client, they must ensure that the
product is of the same good quality as they mentioned before the transaction is made. Before
trading, customers will be previewed by a short video summarizing the basic knowledge of
the course.
References
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protection> [Accessed 4 November 2021].
3. Experian.co.uk. 2021. What is the Data Protection Act? | Experian Business. [online]
Available at: <https://www.experian.co.uk/business/glossary/data-protection-act/> [Accessed
4 November 2021].
4. LII / Legal Information Institute. 2021. Contract. [online] Available at:
<https://www.law.cornell.edu/wex/contract> [Accessed 4 November 2021].
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<https://www.legislation.gov.uk/ukpga/1982/29> [Accessed 4 November 2021].
6. Businesscompanion.info. 2021. The supply of services | Business Companion. [online]
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services> [Accessed 4 November 2021].
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2021].
8. Runnymedetrust.org. 2021. Oral Histories. [online] Available at:
<https://www.runnymedetrust.org/histories/race-equality/48/race-relations-act-1976.html>
[Accessed 4 November 2021].
9. Landau Law. 2021. Race discrimination- specialist employment lawyers. [online] Available
at: <https://landaulaw.co.uk/race-discrimination/> [Accessed 4 November 2021].
10. Taxmann. 2021. Consideration under the Indian Contract Act, 1872. [online] Available
at: <https://www.taxmann.com/post/blog/consideration-under-the-indian-contract-act-
1872/#:~:text=Past%20consideration%20is%20a%20promise,promise%20from%20the
%20other%20party.> [Accessed 4 November 2021].