ABSTRACT

Contract law has to be the backbone of all businesses. It is the legal relationship that enables business to function. In the majority of cases, contracts are made without the parties ever having any problems. However, as soon as something goes wrong with the agreement, for example, goods are not delivered on time or the services provided are not up to standard, it is the law of contract which holds the key. It is necessary to quickly review the basic elements and current legal pitfalls of contract issues. Specifically, this chapter focuses on the consequences of a breach of contract and the choice of remedies that are available to settle the dispute.