Notesale: Turn your study into money

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Assignment-2
Name: Julan Das
Class: 3A
Teacher: Prof
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This
caused lots of problems in the operations of the trade/business activities
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Then who holds the responsibilities and the duties that should be
performed by the specific parties (Buyer and Seller)
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In the next paragraphs I will discuss the
importance of contract law in today’s business world and maritime sector, its scope and the
revolutionary changes brought in by this kind of agreement
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It is commonly
concerned with agreements in which single party, or multiple parties, gives a responsibility or
promises to each other
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On the other hand, it is not as extensive as the institution itself
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Few contracts are not governed
by law at all known as domestic arrangements
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Some of the
primary factors of a contract are common assent, deliberation, scope, and validity
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Contract law is a kind of promise that is imposed by law
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In order to bind legally as
a contract, it is very essential to exchange a promise for competent deliberation
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The basic knowledge of a contract law and how it will affect a business is a vital part for successful
small business
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Valid contract problems evolve from “state and federal statutes governing
your company”, as well as basic fundamentals of contract
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It is not obligatory that a contract should be in written to be valid
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The basic issue with verbal contracts is supporting the terms of the agreement which are agreed to
in the original communication
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Being able to designate an appropriately written
agreement, when disagreement occurs grants an opportunity for resolving the issue, preventing
any court action
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Maritime contract law
indicates to a contract linking to the vessels
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Maritime contract is a condition belonging to the operations, navigations, maintenance,
and repairing of the vessels
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If an organization
suffers financial loss or any kind of injury because of contract breach / warranty breach, a
legitimate, conciliation or arbitration might be essential to obtain compensation
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There are two most common contract laws
which are “Hague Visby rules” and “Hamburg rules”
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On the other hand, Hamburg Rules are ideal for cargo owners
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This Convention
was a venture to establish a uniform valid base for the movement of cargo by the ships
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By assuring that each party agree on the conditions of a
specific contract and making everyone sign the agreement attesting to this, this strategy minimizes
the possibility that one party will have the chance for valid reaction later on
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In order to build an airtight agreement, an organization has to adopt the services of a
lawyer to prepare the contracts, and they are rarely cheap
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Contract negotiation is the process of giving and taking that the parties agrees upon set of rights
and responsibilities, mutually
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In a typical contract negotiation, every party will have to compromise on few
problems, whereas remaining firm on others in order to safeguard that they achieve what they
exactly wants
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These factors are
the pillars of the agreement; the deal would break if these conditions were not discussed
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Conclusion:
Overall, it is concluded that Contract Law holds a significant position in today’s shipping industry
and trade
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It plays a major role in resolving disputes in shipping sector and variety of
negotiations
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The scope of contract law in the future is very long lasting due to the increased shipping business
and world trade
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References:
1
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d
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law
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edu/wex/contract
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(2005)
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Retrieved from the online
website : http://yourbusiness
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com/legal-contract-issues-14394
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Maritime Law and Shipping Contracts (2016)
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lloydsmaritimeacademy
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Maritime contract law & legal definition
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Retrieved from online website:
http://definitions
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com/m/maritime-contract/
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d
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fredkan
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Wolfe, M
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Advantages & Disadvantages of Contracts in Companies to Minimize
Liabilities: NYK, Brooklyn, USA
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chron
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html
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& SHIFERAW, D
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The purpose and scope of contract law: Retrieved
from online website: http://www
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com/study-on-line/item/417-the-purposeand-scope-of-contract-law
8
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(n
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Retrieved from online website:
https://www
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com/guide/53f7e6f37777772d3bbf0000/Contract-Negotiation

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