Contract Law Essay Example | Topics and Well Written Essays - 1500 words - 1

Contract Law - Essay Example All contracts can be enforced in a court of law and if one party to the contract meets his contractual obligation and the other party does not, then the aggrieved party that is the non-breaching party is entitled to receive compensation through the court. Moreover, regarding the competency to contract, minors, persons disqualified by law, and persons of unsound mind lack the legal capacity and cannot enter into a valid contract. Minor is a person who has not attained the age of majority as prescribed by the law. Here in the given context, there are two situations presented for analysis and to provide advice; Miss K Martin with Willis Vents Ltd and Miss K Martin with Malcolm Rogers. The following chronology provides a brief idea about the events happened in the course of time in the business of Miss K Martin with both the Parties. Chronology January 2011 Miss K Martin contracts WV for a quote to build a chilled section April 2001 WV and Miss K Martin agrees to go ahead with the work f or a total cost of ?5,000; the work to be completed on 1st August 2011 July 7, 2011 WV asks for an additional ?750 to complete the work on time; Miss Martin reluctantly agrees to do so. August 1, 2011 WV completes the work on time; Miss K Martin pays the actual contract price of ?5000 August 8, 2011 Payment of ?125 due from Malcolm Rogers August 15, 2011 Another payment of bill amounting ?145 due from Malcolm Rogers August 22, 2011 A third bill for ?140 is due from Malcolm Rogers August 30, 2011 WV sent an invoice for the payment of remaining ?750 August 30, 2011 Miss K Martin sends an invoice for the total amount of ?410 from Malcolm Rogers September 6, 2011 Miss K Martin responds to the reply from Malcolm Rogers regarding the invoice dated 30th August, 2011, and agrees to receive half of the amount due—amounting ?205, in full and final settlement as offered by Malcolm Rogers Willis Vents Ltd vs. Miss K Martin Contractor: Willis Vents Ltd Contractee: Miss K Martin As per the information given, Miss Martin intended to improve her storage facility and contracted Willis Vents Ltd. (WV) in January 2011 for a quote to build a chilled section within the garage and to install air conditioning throughout. The WV quoted the proposal for a total cost of ?5,000. And in April 2011both parties agreed upon the terms and conditions and entered into contract for a total cost of ?5,000, requiring the work to be completed on 1st August 2011. However, later, on July 7, 2011 Nick Parsons from the Willis Vents informed Miss Martin that unless an additional amount of ?750 is paid, the work would not be completed on the stipulated time; and she had to reluctantly agree in order to keep the work moving and to finish on time. It is evident that both the parties have entered into a legally valid contract, meeting the requirements as required in the Principles of European Contract Law. According to Chris Field (2010), the primary requirements for a valid contract are Offer, Acce ptance, and Consideration. The WV had quoted contract (offer) for a total amount of ?5,000 (consideration) and Miss Martin agreed with the terms (acceptance) of the contractor. According to the Section 1 Article 2.101(2) of the Contract Law, â€Å"a contract need not be concluded or evidenced in writing nor is it