Law of contract

Contract laws that govern contracts make them legally enforceable promises. A contract law does not necessarily require the agreement to be written down, although one should always have a contract in writing. Contract laws allow these promises to be expressed with words and conduct, or implied by conduct. To be valid under contract laws, a contract has to be made as part of a bargain for some sort of legal consideration. The stipulations under contract law must rely on the promise to follow through.

•Under current contract law, there are three legally acceptable kinds of contracts that can be made. An express contract is one made with words, or a verbal agreement. Contract laws do cover these verbal agreement contracts, although a verbal contract may be difficult to prove. An implied contract is made by a demonstration of actions. An implied-in-law contract is not a true contract under contract laws; however it is still upheld and recognized by the courts in order to prevent an injustice to the parties involved in the problems of the contract law issue. There are other issues involving contract laws as well and these have to do with what type of contract an individual has entered into. Different contract laws cover different types of contracts.

•Under current contract law, a legal contract must consist of three parts: an offer, an acceptance and the consideration. Contract law defines an offer as an expression of intent to be bound and are not valid without an acceptance on the part of the other party involved in the contract. This acceptance can be done by a return promise or by performance of the promise on behalf of the other party. Consideration under contract laws is the bargained exchange in which each party is subjected to a legal action. It is important to note that one should be careful when dealing with contract laws, since an important contract can be deemed null and void if the contract laws are not followed exactly. Under any contract law, there are certain agreements require satisfaction of what is known as the statute of frauds. This contract law requires that a statute contains an agreement to be in writing, signed by the parties and a witness, indicate a contract exists between the parties and state the terms of the agreement within the contract.

•One of the reasons that is so important to be aware of contract laws is because contracts are often breached. Under any contract law, if a contract is breached the parties have remedies to make the agreements whole or to put them back where they were when the contract was first made. This can be complicated and one should use a contract lawyer to handle this procedure. Some of the ways of dealing with a breached contract are awarding expectation damages, reliance damages, interest payments and punitive damages.

Many people will have to sign a contract at some point in their life. Once they do, they will be required to follow contract laws or be subject to possible legal problems. Contracts can be very hard, if not impossible to get out of. Before signing any contract, one should be aware of what they are getting into.

Sok Sarath (Mr.)
Managing Director

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Sok Sarath
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Tel: 855-63 965 309
Fax: 855-63 966 309
gm@cambodiaadvisor.com

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