Penalty Law / Civil Essay

Pages: 20 (5811 words)  ·  Bibliography Sources: 0  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

SAMPLE EXCERPT . . .
As a result of this objective, KOC, KNPC, and PIC are now owned by the State completely. Finally, by virtue of the law that was devised in the year 1980, KPC was established, and all of the companies were made a part of KPC.

At this point, it is important for us to bring into limelight the aspects of the Kuwaiti law that is particularly relevant to the investment of oil, inside as well as outside the country. A contract is defined as an agreement that creates obligations that are then enforced by law. The fundamental aspects of a contract are consideration, mutual assent, legality, and capacity. In some countries, the aspects of consideration can be fulfilled by a substitute that is reasonably valid. The potential remedies that exist once a contract is breached include consequential damages, general damages, specific performance, and reliance damages.

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Basically, contracts can be referred to as promises that are enforced by law. The law is there to provide the two parties, which have entered a contract, with remedies in case a contract is breached. Moreover, assistance is also provided to the parties to recognize their performance of an agreement as their obligation or duty. Contracts come into existence as a result of the existence of a duty, or because of a promise that is made by both the parties or by one of the parties. It is important for contract to become legally binding once a promise is exchanged for sufficient consideration. Adequate consideration is considered to be an advantage of a detriment that is received by a party that fairly and reasonably pushes them towards making a promise or a contract. For instance, promises that are considered to be gifts in nature are not included in the category of enforceable contracts since the individual satisfaction that is received by the one who grants the promise is not the same as that is received in the case of adequate consideration. Some promises, which are not labeled as being contracts, may in some special conditions be implied if one of the agreeing parties has depended upon the detriment on the reassurances of the other party.

Essay on Penalty Law / Civil Law Assignment

In most of the cases, the contracts are controlled by common (judge made) and state stator law as well as the private law. Private law fundamentally includes the terms and conditions on the basis of which an agreement between two parties has been made, after an exchange of promises. This private law has the potential to dominate many rules that have otherwise been established by state law. It is the requirement of the statutory law in some contracts to put the exchange of promises in writing, and therefore they need to be executed in a particular way with some formalities. On the other hand, in some other cases, the parties are allowed to become a part of an agreement even if they do not sign a formally written document of the contract.

Sections of the Contract and the Law

The Ministry of Oil (Kuwaiti Government) has provided the interested party with a complete document that includes the Kuwait Oil Company Policies And Regulations Of Purchasing. This paper was published in the year 2008, and it contains all the required information that the interested parties need to know about the law and legislation pertaining to the investment of oil in the country, especially with respect to the contract law. The document has been divided into various sections. After explaining the purpose of the document, the standing instructions have also been explained. The first section is based on the definitions; the second section explains the material requests and termination of the contract or agreements. The third section is about the competitive procurement. The fourth section goes on to describe the blanket purchase order. The fifth section of the document explains the single source procurement; the sixth section explains the repair order. The seventh section of the document goes on to explain emergency or major incident procurement, the eighth section is about vital procurement, the tenth section is about canceling the purchase order, meanwhile the eleventh section explains liquidated damages. As for the twelfth and thirteen sections, they are about claims and invoice respectively. In the section of regulatory provisions, all the articles pertaining to oil investment in Kuwait and the rules and regulations have been explained individually.

According to the commercial contract law, the written business contract is also divided into several sections. The first section of the contract mentions the names of the parties. The second section writes about the details of the agreement. The third section provides further details about the contract by mentioning and explaining the terms and conditions of the contract. As for the fourth section of the contract, it has to be based upon the signatures of both the parties and the date.

Breaking Law in Kuwait

As mentioned before, the state of Kuwait follows the civil law system. Article 2 of the constitution mentions that Islamic Sharia is the major source of law. Nonetheless, it is not the exclusive source. The legal system of Kuwait works within the Sharia for some laws and for some it permits actions outside Sharia as well. The Legal system of Kuwait is of a recent origin. In simple terms, it is a mixture of Islamic Sharia, Latin Civil Law and the French Law. There is a conditional court that acts as a judicial review and examines the constitutionality of the laws. All the decisions made by different states are then referred to this court.

The Kuwait Legal system has basically three levels of courts. There is first instance where the cases are taken according to their gravity. The second level is the appeals court and cassation is at the last level. The function of the Court of First Instance is to overlook the cases of personal, civil, commercial and labor affairs along with other administrative cases. If a person does not agree with the decision of the first level of court, they can take their case to the court of appeal. Therefore, regardless of what crime you commit, first you will be taken to the First Instance Court. The law and the punishment vary from crime to crime, as the legal system is an amalgamation of Sharia and Latin law.

The Character of Contract Law

A contract is a legally enforceable promise or a set of promises that have been from one party to another. A contract is created so the rules and regulations of a certain deal are laid out in plain terms. This is there is no confusion or ambiguity remaining. Whenever two companies are present in a business deal, there is no saying who is truly honest. There is no guarantee of a person or a company. To prevent any mishaps or any tricks, contracts are made right when two parties get into agreement with one another.

The binding effect clause reassures the common law principles that only the parties to the agreement can attain the benefits of the agreement. Furthermore, it is only these parties or their permitted successors or assigns who are obligated by this agreement. The major reason this effect is present in contract laws so third parties do not jump in to attain their right from the contract.

Binding effect of contract

Contract is sort of an agreement that is created with the idea of certain obligations. The validity of the contract can be confirmed by looking around the terms of the contract. The idea of terms of contract will be discussed in the sections to follow. Nonetheless, it is these terms that are important in creating that binding effect of the contract.

These terms that were agreed by the person created a sort of a binding agreement between the two parties. For instance, if the contract is about two people who were dealing in terms of property. The seller and the buyer are agreeing to one contract of that property. The buyer agrees to the binding agreement on the seller because the seller legally gave this property from under his possession to the buyer.

Many a times, the binding effect of a contract is also styled or combined in the no third party beneficiaries' clause.

Consideration is the idea of legal value in connection with contracts. Nature of consideration depends on what it is that has been promised in making a contract. This can be money, services, actions or physical objects. In simple terms, a contract is like a promise. This promise is not binding if there is no consideration for the promise.

When the contract is bilateral, it has to be supported by some form of consideration. If this is not supported, then it is not a contract. Many a times, parties do make contracts without the idea of binding or any nature of consideration. Even though they have enrolled themselves in some sort of contract, but the court cannot help them if something happens.

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