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Contract Law:
In the commercial world, goods or services are normally purchased for consumption or resale. First the buyer and seller will negotiate the terms of the purchase, and then they must enter a transaction which will result in the sale. The parties to such transactions include commercial undertakings, public corporations, local authorities and private individuals, but the legal mechanism by which they transact is always the same: they enter a ?contract'. Freedom to contract for a greater range of goods and services is crucial to the market economy. Trading in any sort, involves financial risk, therefore it is in the interest of all to have a recognizable set of rules by which the parties involved, agree to abide from. Form the simplest to the most complex transaction the parties to a contract enter common agreements that involve obligations. In a straightforward contract of, for example, the sale of goods, a seller will agree to sell specific goods to a customer for a stated agreed amount. This kind of contract involves an obligation upon the seller to transfer the goods to the buyer in return for the transfer payment to the seller. In a more complex transactions like international trade deals, detailed and multiple groups of promises are exchanged. A fundamental issue that should be kept in mind is whether the agreement imposing the obligations constitutes a contract or not and is it therefore legally binding. This can be determined by examining whether the elements of a simple contract are present in the agreement. Most trading is effected by means of "simple" contract but for certain purposes like interests in land, the more "formal" contract (contract under ...