Contents
PROTECTION OFF CONSUMERS WHEN CONTRACTS GO UNPERFORMED 1
Contents 2
INTRODUCTION 3
CHAPTER ONE 7
THE SOURCES OF CONTRACT LAW UNDER ENGLISH AND AMERICAN LAW 7
IMPACT OF THE SOURCES ON THE DEVELOPMENT OF AND CHANGES IN LAWS 8
Changes in Law and Interpretation 9
CHAPTER 2 9
INCOMPLETE CONTRACTS 9
CIRCUMSTANCES THAT LEAD TO NON-COMPLETION 10
Agreement 10
Discharge by Frustration 11
Breach of Contract Terms 13
Performance 14
COMMERCIAL CONSEQUENCES OF INCOMPLETE CONTRACTS 15
Case Study Scenarios 18
Intention 19
PRINCIPLES THAT MAY BE APPLIED IN EACH CIRCUMSTANCES 20
Intervening Impossibilities and Frustration 20
Force Majeure Clauses 21
Non-performance 22
Breach of Contract 24
Legislations 24
Remedies for Non-completion of Contracts 25
CHAPTER THREE 26
RECOMMENDATIONS FOR FUTURE RESEARCH 26
CONCLUSIONS 28
INTRODUCTION
Over the last few decades, a great deal of research attention has been dedicated to the study of contract law. The field of incomplete contracts in relation to commercial consequences and the measures that companies can take to secure their positions are is still in need of further study and research. , not least because of constantly changing business, legal and technological environments. The impacts of possible changes in business laws and policy have a major significance in dispute settlements, such as those occasioned by incomplete commercial contracts. Logic and intuition suggest that the problems facing contracting parties, in the event of difficulties, would be very different if the agreement contained easily verifiable commitments, such as tariff bindings, as compared to situations where there are a number of different provisions.[1] (This still needs clarification.) Hence, a closer analysis of the optimal design of contracts and dispute settlement mechanisms in the context of incomplete commercial contracts is needed to shed light on the...