‘The Law of Contract confines itself to the enforcement of voluntarily created civil obligations’-illustrate and explain.
Rifatul Ahsan Yasdany
ID: 102 0273 030
i. The topic referred to in this assignment has not been submitted for another degree or qualification of this or any other University or other Educational Institution.
ii. The ownership of any Intellectual property rights, which may be described in this paper, is vested in the North South University, subject to any prior agreement to the contrary, and may not be made available for use by third parties without the written permissions of the University, which will ...view middle of the document...
Contract is an agreement between two parties who enters into it voluntarily within the binds of law. The Law of contract emphasizes primarily on the enforcement of bargains. However, its range stretches from the standard contract between individuals to contract between firms and consumers and commercial contracts between business firms.
It is such a broad concept that there is no descriptive theory present that evaluates this law of contract. The Normative theories focus on one aspect only, autonomy or efficiency. According to Schwartz et al (2003), the theory positively claims that the law of contract enables the contracting parties to maximize their gains through the contract. On the other hand the drawback of this law is that, the contract law is restricted to only performing the above mentioned function. They further illustrate that, the Pluralists theories on the other hand attempts to solve the problem of unitary normative theories by advocating and pursuing the court to pursue efficiency, protection of individual autonomy, fairness and good faith.
The objective of this paper is to illustrate the fact that “the law of contract confines itself to the enforcement of voluntarily created civil obligations”. We have to reflect upon the situation under which a voluntary contract will be valid and examine its relationship with civil obligations.
VOLUNTARY NATURE OF CONTRACT LAW
Contract Law (CL) and theory are voluntary in nature in its core.A contract consists of essential elements which form the basis of the contract. The very first step contains offer and acceptance or mutual assent. Mutual Assent is established through an offer made by one party to enter into the contract and acceptance of the other party to enter the agreement.The next step is consideration which is a benefit or something which is of value to both the parties, mentioned in the offer, to avail which both parties would come into the agreement. The consideration must be publicly and legally acceptable. For instance, it cannot be of any criminal activity.The parties must be voluntarily being willing to enter into a legal relation. The Legality element illustrates that the purpose of the contract must be legal in order to be enforced in the court.
The capacity element illustrates that the parties must meet certain requirements to enter into a contract, such as minimum age requirements, sanity of the parties and so on. This brings us to the concept of “free consent” which illustrates that an agreement must be valid only if both parties agree to it willingly and not under any duress. If any of the elements are not obliged, the contract is void. The analysis of the elements of a contract tells us that a contract is indeed voluntary and without its voluntary component, it would not be valid. Therefore, it can be deduced that one of the fundamental element that CL must enforce is its voluntary nature.
Civil obligation (CO) is civil law, which binds in law...