Contract Law Problem Question Essay Example | Topics and Well Written Essays - 2500 words

Contract Law Problem Question - Essay Example According to Beatson and Anson, contract law is defined as the branch of law that ensures legal binding of the promise between two parties and makes them fulfill it. Whereas French Civil Code defines contract law as convention and agreement in which one party or several parties bind themselves to serve a specific purpose or to restrain from some. So, all in all what contract law adhere is that there lie a duty on both parties in a contract to execute their obligations. The ultimate examination of both the definitions of English Law and French Law confirms some essential features of the contractual relationship and that is the performance of the contract. Contractual performance is sole principle of contract law which must be kept and fulfilled at any cost. This principle of contract law is the backbone of the whole contractual relationship2. Generally the contract law is defined as an agreement that creates obligation enforceable by law. This obligation is based upon the mutual accep tance, consideration, legality and capacity to perform. In this process of conformity, fulfilment and binding, there may arise number of problems if in case contract is not implemented properly or if one party rejects to perform according to the obligations. Thousands of contracts are agreed upon and signed in the world every day and most of them are not performed in their full essence according to the terms3. Whilst many of them are resolved by negotiations and discussions but there comes cases under which hostilities are not that easy to resolve breach of contract informally. In this regard law provides remedial measures to provide justice to distressed party. These remedies help aggrieved party to either recover performance based upon the contract or ensure provision of some compensation for the damage caused by the breach of contract. Some possible remedies renowned for breach of