Background and Scope of Contract
Contract can be made between two individuals, individuals and institution, or institution and state. The law binding agreement is said to be contract. The bond or agreement between different parties is called contract so far as it is not implemented in all cases. The scope, need, nature and importance of contract have been widening now-a-days. The core point of this is the evolution in Contract Law. The wide scope of contract that we have achieved today is the outcome of the rapid change in human thought and the growth in industry and commerce or economy.
The scope of contract is globally spread. There is difference between social contract and business contract. We have been making contract knowingly or unknowingly, directly or indirectly, written or unwritten between individuals, institution and the state. All agreements are not contract at the end but all contracts turn to be agreement. If any agreement fulfills some measures of contract it turns to be contract. The elements of contract are; proposal, consent, valid objective, and competent party etc.
There is no option without making contract to run our daily life activities. Life without contract is not possible. The martial bond is also under the scope of contract. Similarly, while using the public bus, flying in an airplane, renting the house, managing telephone line and water supply line, in the case of admitting in the school or campus and buying clothes or goods etc. all these things are under the umbrella of contract.
In this way, the nature, scope, and content of the contract are wide and expanded. Nobody can deny its comprehensive use at the moment. Any individual can contract with the, foreign individuals or corporate agencies without violating the national laws and international treaty for legal purposes.
Free consent is the focal element of contract which has been highly emphasized though there can be a contract between business parties in the absence of free consent too. Specially, the prerequisite assumptions of the contract cannot be possible in predetermined contract with other business parties. Predetermined contract is also known as standard form of contract. Aeroplane flight can be taken for example. Air liners and agencies have already prepared the written document contract form or agreement documents in which the customers’ prior consent is not sought.
Read: Meaning and Definition of Business Law
These agreement documents solely favour only the airliners not the passengers. In fact, taking the consent of the client is not possible in this issue. If contract is made only after persuading other with compressive discussion it becomes time consuming, irritable and impractical also. In such issue the passenger ought to contract without altering and modifying the conditions of the agreement. If not he cannot take the flight and his journey is not possible. On the other hand, predetermined bonds are prepared with appropriate terms and norms highly considering the prevailing law of the nation.
Indeed, contract is the law of obligation. In other words, the liability created by contract is limited between two parties who have agreed it. Contracting parties are under obligation to perform the liability and conditions of the contract. If the liabilities of the contract are not followed, the innocent party can seek legal remedies in the court according to contract law.
There are various types of contracts: Simple contract and special contract. Without taking the help of contract, nobody can run social or commercial activities aptly. It does not fit with the modern changing time if there is no contract. Therefore, contract, contract law, agreed agreements bear great value and importance and for its larger study there should have been its deep and sound knowledge.
The scope of contract is wide and broad and its value is very high in every field of society. It paves way to all sectors of the society. It has got multiple natures. It is simple and hard, definite and broad as well. It is like a bridge to run a worldly life. Its scope is very broad and cannot be limited. It is like a rubber and is flexible. Its scope has expanded up to culture, society, business, and economics, as well as in national and international arenas.
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What is the scope of a Contract?
The scope of the contract is wide and broad and its value is very high in every field of society. It paves the way for all sectors of society. It has got multiple natures. It is simple and hard, definite and broad as well. It is like a bridge to run a worldly life. Its scope is very broad and cannot be limited. It is like a rubber and is flexible. Its scope has expanded to culture, society, business, and economics, as well as in national and international arenas.
What is a contract?
Contract can be made between two individuals, individuals and institution, or institution and state. The law-binding agreement is said to be a contract. The bond or agreement between different parties is called a contract so far as it is not implemented in all cases.
