The Importance of the Law of Contract

Essay from the year 2018 in the subject Law - Public Law / Constitutional Law / Basic Rights, grade: A, , language: English, abstract: Since the beginning of human civilization, there was certain rules and regulations that people used to follow. This rules and regulations are called Law which is created or established by the authorized organization and governed or enforced by controlling authority. Law is one of the most essential and interesting frames of life itself. During the Barter Exchange Age when people started exchanging products with others in order to fulfill the necessity, it brought the idea to start doing business. Nowadays rapid economic growth of the world accelerates by the business transaction and commercial performances. In order to operate a business, Contract between two or more parties is very crucial. Although contract can take place in here and there; in a business concern, it is important for both parties to enter into a contract for further operation and to protect each other’s rights and interests. There is some specific Law needed to be followed by both parties which is called Law of Contract.