HNBS 105 Aspects of Contract and Negligence Essay

HNBS 105 Aspects of Contract and Negligence - Essay Example There must be some hard and fast regulations that indulge the legal bindings while the contracts are executed. If any of the above stated essential features is missing in a contract, the contract will not be accepted by the legal authorities. Such a contract will not be sued in the court against the guilty party (Deno, 1982). The essentials are drawn only to provide a legal back up to the contracts such that no party can harm the interests of the other one. The courts play an arbitrary role in this stance hence it is constrained to execute the entire document of essential features of the contract (Shenson, 1990). Legal Contract: It is a simple contract which is executed to fulfill any legal requirement which is most commonly in practice (Clement, 1903). All the contracts like partnership, buying selling and the remaining minor categories which can draw any contract and ultimately it may lead to legal binding in case of being guilty at any end. Social Contract: Most common example of the social contract is marriage where two individuals are bound under the back of legal authorities. It is basically a stance which remains between two or more individuals. This kind of contracts may be legal or not. Sometimes it confuses with the promises as well. Quasi Contract: it is an ethical jurisprudence under the head of contract. For example, if you find a bag full of currency at some public place then it is your ultimate duty to make it reach to its real owner. However it is also a questionable scenario (Shenson, 1990). Many schools of thought do not consider the second, third and fourth type as a full contract. Rather they take those as partial contracts (Deno, 1982). These contracts are also known as implied contracts which are understood while in concrete legal contracts, all the clauses are set by the parties. For example, in marriage, the clauses are preset as the general