Module 1: Concept and its role in developing society
GENESIS OF CONTRACT
INTRODUCTION
Annotations:
Modern industrial society is primarily built upon the fabric of contracts. The relational integration and determination of MUTUAL RIGHTS and OBLIGATIONS are dependent on EX CONTRACTUM (out of contract) terms. Contract around and between various parties.In order to correctly evaluate the aspects of contractual relations, one has to understand the following:
Understand the following
1. whether the parties have agreed to make any binding right and obligation for themselves. 2.
how they have made it 3. what are the mutual obligations and rights? 4. how they intend to
perform their mutual duties and when 5. what are the conditionals? 6. What happens when one of
the parties is unable to fulfil the obligations.
EARLY HISTORY OF CONTRACT LAW
Several legal systems. Leading ones are: 1.
ECCLESIASTICAL/RELIGIOUS, 2. ROMANA-GERMANIC
(based on growing codification on logical foundation as
well as clear customary practices- secular. 3. CIVIL LAW - based on well structured constitutional legal regime with inquisitive procedural system