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Bilateral Contract Case Study

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CONTRACT
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1.U2L1DB-describe one example of a type of contract that a person may be involved in at some point in their life
Poole, 2012 defines a contract as an agreement that involves two or more people. The process may comprise of an individual, partnership, government agencies, organisations or limited liability that protects it from any form of breach. The main fundamentals of a binding contract are; agreement; (ii) amongst competent parties; (iii) grounded upon the honest assent of the involved parties; (iv) reinforced by consideration; (v) formed for a legitimate objective; and (vi) as stipulated by the law.
There are many types of contacts, but I will discuss the bilateral contract that one must encounter …show more content…

It's assumed that the minors don’t have the ability to know about the consequences of some contracts. The court provides the children with the legal protection in case of a contract, but they are liable for contractual commitments: Taxes, necessaries, penalties, military and bank regulations (Gallagher, J., 1972). Example: Children may enter into contracts in a situation where they are required to buy goods and services, for instance, a laptop. The children will, therefore, be asked to sign a warranty contract. In the other scenario, children who engage in sporting activities, they sign contracts with their respective …show more content…

U2L4J-Explain three damages that a person can sue for if a contract is breached
When one party breaches the contract, the affected person or party can seek legal help. The three most basic damages are; compensatory damages, they are monetary damages and happens to ensure the affected individual is compensated. This type of damage is categorised into two, expectation and consequential damages. The expectation damages are aimed to offset what the affected party anticipated to gain assigned in the contract. The consequential damages are projected to compensate the injured party. The affected person protected from indirect damages apart from contractual loss (Helewitz, 2010).
Punitive damages. Are aimed to punish the party that breaches the contract and also bar it from future violations. This type of the damage is rarely stipulated in most contract cases but may be in near fraud or tort cases. Lastly, the nominal damages occur when the affected complainant doesn't suffer monetary loss; however, the judge aims to demonstrate that the rule of law is followed and the affected person was right. This type of damages, rarely awarded since most of the cases, one party suffers monetary forfeiture (Helewitz,

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