Contract law Essay Example | Topics and Well Written Essays - 1500 words - 2

Contract law - Essay Example The courts will decide on the amount of damages and other penalties that the defendant will have to incur in return for the breach of contract. Bob’s remedy is to exhaust all extra judicial means to collect the remaining 4,000 pounds that was offered by Arthur and accepted by Bob. If the extra judicial means are not successful, then Bob can file civil charges for the collection of the remaining 4,000 pounds. Since the offer of Arthur to give the additional 4,000 pounds is accepted by Bob, there is a new contract that supersedes the prior contract. The prior contract is that Arthur Will pay Bob 25,000 pounds if Bob finishes the repair job on Arthur’s aunt’s house on the first week of December 2005. The contract is now 29,000 pounds and the new deadline is Dec 25, 2005. Bob has accomplished his part of the contract, now he can ask the courts to force Arthur to pay him the balance of $4,000 pounds. Bob should NOT pay the remaining 2,000 pounds to Eric. Bob does not have to pay the balance of 2,000 pounds to Eric because the law states since Bob did his part of the contract by paying by end of November, then Eric must do his part by collecting only his offer by receiving only the 3,000 pounds if payment was done within November. It is true that one of the requirements of a valid contract is the consent of the party being offered a contract. In this case, because Bob admitted that due to financial difficulty he couldn’t pay the 5,000 pounds to Eric within November 2005, Eric offered a contract to reduce the amount he will receive to only 3,000 pounds. Bob â€Å"accepted† the offer of Eric by his ACTION of paying his liability within the time period offered by Eric. Therefore now that Bob has done his part, Bob demands that it is Eric’s turn to push through with his contract offer to receive only 3,000 pounds. One reason for Bob’s paying on time is because of