Contract law Essay Example | Topics and Well Written Essays - 1500 words - 2

Contract law - Essay ExampleThe courts will decide on the amount of change and other penalties that the defendant will have to incur in return for the breach of contract.Bobs remedy is to exhaust all extra judicial means to collect the remaining 4,000 pounds that was offered by Arthur and authentic by Bob. If the extra judicial means are not successful, then Bob arouse cross-file civil charges for the collection of the remaining 4,000 pounds. Since the offer of Arthur to give the additional 4,000 pounds is accepted by Bob, there is a new contract that supersedes the prior contract. The prior contract is that ArthurWill pay Bob 25,000 pounds if Bob finishes the touch job on Arthurs aunts house on the first week of declination 2005. The contract is now 29,000 pounds and the new deadline is Dec 25, 2005. Bob has accomplished his part of the contract, now he can ask the courts to force Arthur to pay him the balance of $4,000 pounds.Bob should NOT pay the remaining 2,000 pounds to E ric. Bob does not have to pay the balance of 2,000 pounds to Eric because the law states since Bob did his part of the contract by paying by end of November, then Eric must do his part by collecting just his offer by receiving only the 3,000 pounds if payment was done within November. It is true that one of the requirements of a valid contract is the take over of the party being offered a contract. In this case, because Bob admitted that due to financial difficulty he couldnt pay the 5,000 pounds to Eric within November 2005, Eric offered a contract to reduce the amount he will receive to only 3,000 pounds.Bob accepted the offer of Eric by his ACTION of paying his liability within the time stop offered by Eric. Therefore now that Bob has done his part, Bob demands that it is Erics turn to push through with his contract offer to receive only 3,000 pounds. One reason for Bobs paying on time is because of