Explain, with reference to decided cases and statutory provisions, the Essay

Explain, with reference to decided cases and statutory provisions, the extent to which terms may be implied into both a contract for sale of goods and a contract of employment - Essay Example Simply put, if you promise that you will do something for another person and in return, that person agrees to pay you something, then you and that person have made a contract. A contract can be in verbal or written form but the most important thing is that there would be an agreement especially between two parties. Likewise, according to the labour laws of many countries, both the worker and the employee are bound by certain statutory regulations that would ensure that no party will breach the agreed contract. Indeed, when a person has decided to enter into an agreement with someone, both parties should have a common ground of understanding of the nature of the contract they would be agreeing upon so as to avoid conflict and misunderstanding in the future. There different factors that are taken into consideration when forming a valid contract between two parties. The most important thing in the formation of a valid contract is that there must be an agreement between the parties involved. There should be mutual understanding between the two parties involved so as to avoid unnecessary conflict in the future. Each party is expected to be very clear about the terms and conditions of the contract otherwise it may be invalid if the other party involved is not aware of the contents of the agreement. Forming an agreement is based on the notion that each party is aware of the contractual obligations to fulfil which are legally binding. Another key element for the formation of a valid contract is its legality. A valid contract ought to conform to the norms and values of the society. For instance, if a person promises to steal something in order to get payment in return, then this contract is unacceptable since it is against the societal norms a nd values. The parties entering into a contract should have the legal power to do so. In any given scenario, minors may not enter into a valid contract with adults since it