Contract Law I
Contract Law provided in depth insights as to how the principles behind the regulation of commercialization operate in order for equality and fairness to be achieved in the creation of a contract. Given that the majority of contracts involve the transfer of finances or assets from one party to another, the study of Contract Law helped me learn the ways in which the law ensures that one party is not advantaged at another's expense; and that the rights and interests of parties to a contract are defended. Primarily through classes and the preparation for tutorials, it became clear that the goal of contract law was to ensure maximum transparency and information for the parties involved in order for a rational and informed decision to enter a legally binding contract was created. My reflection as above is backed up by several principles and elements in Contract Law which must be present in order for a legally enforceable contract to come into play, such as the Intention to Create Legal Relations, Capacity and the Privity of Contract, to name but a few. What these three elements have in common is that they seek to defend parties from being exploited by unscrupulous parties, or from being bound by a contract which they had no intention of formalizing. The Privity of Contract rule, slides of which I attached as artifiacts below, particularly piqued my interest. Under this principle, parties to a contract cannot confer rights as provided for in a contract or impose obligations on parties who are not part of a contract. I find this rule to be one of the more prominent rules in highlighting individuals' rights and obligations under a contract, as Contract Law draws the line as to parties who are responsible for carrying out obligations under a contract, and in return gain the right to sue. This rule is consistent with the philosophical argument of the social contract, which stipulates that in order for one to obtain rights, he or she must first surrender certain rights in exchange. One of the many thoughts I had about this topic is the philosophical aspect of how it is only just for an individual to gain rights if rights are taken away from him, such as how a buyer may only gain the right to sue a seller for refusing to sell him goods under a contract if the buyer promises in return to pay for the goods. This rationale however can be refuted by claiming that third parties who benefit from contracts do not necessarily have to be parties to a contract as long as the performance of the contract was for their benefit, failing which the party supposed to perform the contract should be held liable. This ongoing dispute I have with myself is one of many similar disputes I have upon studying Contract Law, as the principles and rationale behind the laws is oftentimes controversial, such as how the rule on minors entering contracts may place the other parties in a contract at a disadvantage if the minor rescinds the contract, which Contract Law allows for. From the academic reflection above, it is my belief that firstly, my understanding of the commercial sphere has greatly expanded as intricate knowledge as to how contracts operate is needed and established in the very first chapter of Contract Law: Offer and Acceptance. Although I personally have no academic background in Business or other subjects which would expose me to the commercial scene, the study of Contract Law covers that field of study through the process of learning about the law through case law; after all, it is nearly impossible to fully grasp the law which governs contracts without understanding the background of the commercial dealings which gave rise to the dispute in the first place. This is bound to benefit me when I eventually practice law regardless of which sector I end up practising in, as in the connected and commercial world of today, even Family Law often has a lot to do with contracts and commercial dealings, whereas one of the divisions of Criminal Law specialises in corporate crimes such as Criminal Breach of Trust, all of which are very relevant to the formation of contracts. In short, regardless of the field of law I enter, the study of Contract Law is highly valuable to my general knowledge and understanding of the corporate sphere. This means that I will be able to head into legal practice with greater commercial awareness, such as how and when a contract is made in addition to the statutory knowledge I would have gained from the study of Contract Law, which would undoubtedly make me a more effective legal practitioner. Should I decide to leave active practice and provide legal representation for corporations as in-house counsel, this knowledge would further benefit me in those areas, such is its versatility. In addition to the above, I have also learnt the importance of certainty and familiarity in the Law. Although Contract Law is often termed 'dry' and 'boring' in the absence of detailed study, the certainty provided is necessary in order for parties to be aware of their rights and to govern their conduct. In order for the law to be effective and fair, it has to be consistent, and Contract Law is very consistent on a principle level, as different laws often have overlapping principles which aim to safeguard parties' interests. In contrast to different areas of law such as Tort Law, which is arguably more fluid and less rigid, it is my understanding that Contract Law is intentionally designated as such as it is narrower and more specific as compared to Tort Law, given that its primary purpose is to regulate contracts created and defending the rights of parties within a contract, instead of defending the rights of the general public and compensating them for damages created. This knowledge assists me in understanding the nature of law as a whole, as well as the necessity for the law to be as rigid as possible, hence broadening my understanding of the numerous roles and purposes of the law, which is only to be expected as the law caters to different parties in different ways. As such, given my reflections as above, I find Contract Law to be a crucial field of study, particularly for my future endeavors in developing a legal career.