The Law of Contract

A contract is a legal document between two persons or corporations. Before entering into any contract the parties concerned must study carefully the provisions of the contract, and convince themselves of their ability to fulfil the stated conditions.Each of the contracting parties must be ready to fulfil the terms spelt out in the legal document. For instance if mr A has a work to be executed and B has entered into contract with A to execute that project, for example thebuilding of a two bed room flat.The terms of thecontract here runs like this: The owner of the house must provide the materials like cement, sand , gravel,zinc and wood. There must also be a contractual agreement on the price or cost of labour for building the house.

Mr A has to name his terms and negotiate fully and exhaustively with Mr B to reach an agreement on the price to be paid to Mr B who is now the contractor handling the buildingproject for Mr A . Once they sign the contract appending their signatures to the contract paper, it becomes binding on each party to fulfil his own part of the contract.Failure of any of the parties will attract the ire of the other and may trigger off unpleasant legal action by the aggrieved party.