Pros And Cons Of Contract Law
Contract law is governed by the UCC or the Uniform Commercial Code. This regulates and makes sure that the law is enforced by the members of the contract. However, there are several pros and cons to this contract law.
The advantage of contract law is that it allows the parties involved to search for solutions if there has been a breach of contract. The main purpose of a contract is to make sure that the terms of mutual decision have been reached carefully by both the parties. This is not a rule of the thumb that these parties are always honest with what they are to do with the contract. This is where the law comes in handy and allows the search for resolution in case of a breach in the contract. The parties at either end can be liable to a breach and so, having the support of the Contract Law is helpful.
Also, there is a limit to these contracts and they tend to expire. This makes sure that the term of the contract is seen through properly by both parties, making sure that they can exercise their rights fully. This ensures honoring and completing the contract. This makes the contract transparent to both the parties involved. With the support of the UCC, the contracts are binding under the legal system of the Constitution. This is a huge incentive for both the parties involved to take the contract seriously.
The flip side of Contract Law is usually the misinterpretation of the contract. This is a huge drawback of the law. The language can be misinterpreted to mean many different things in a contract, and the clever skill of an attorney can make sure that sometimes a contract can be interpreted in a different manner by a person. This can cause a lot of confusion for both the parties involved in the long run.
Again, the breach of a contract can be extended or canceled. Since Contract Law allows cancellation, sometimes a breach can be covered by extension and the new remedied portion will not be put to action.
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