Contract Law Essay Example | Topics and Well Written Essays - 2000 words - 2

Contract Law - Essay Example The industrial revolution was characterized by the rise of many businesses and enterprises to offer employment opportunities and consequently boost peoples’ living standards. With such an active population, it was expected that some people could make use of others’ resources and time by carrying out fraud business practices. This led to the formation of laws that sought to govern both the workers and the employers and protect them from any uncouth business practices that either could carry on the other. The law not only served the employees and employers but also observed that the business practices carried out by different business entities were legal . There are other scholars that claim that contract law came to rise as a sub-branch of civil law. History of contract law with relation to civil law is rather precise. This is from the fact that contract law is widespread from the fact that different contracts have different rules depending with the type of business acti vities to be carried out by the parties. This thus does not require a particular set law to govern it and makes it rather flexible and diverse. This is related to civil law in that civil law has core principles summed up and put into a referable structure and rules are made depending on the most appropriate system. This inspired present day contract law and thus the various developments witnessed .The Lex mercatoria is also said to have been a powerful force in the formation of contract law. The Lex mercatoria acted as a system through which merchants.... This is from the fact that contract law is widespread from the fact that different contracts have different rules depending with the type of business activities to be carried out by the parties. This thus does not require a particular set law to govern it and makes it rather flexible and diverse. This is related to civil law in that civil law has core principles summed up and put into a referable structure and rules are made depending on the most appropriate system. This inspired present day contract law and thus the various developments witnessed3. The Lex mercatoria is also said to have been a powerful force in the formation of contract law. The Lex mercatoria acted as a system through which merchants and other business people used in Europe in the medieval era to ensure that there was the upholding of healthy business practices4. As it evolved, it gained principles that leaned more towards the common law setting. This is when a set of business people and law makers convened and so ught to create a system that would support merchants of all types regardless of the types of business they carried out unlike the common law that had a particular set system. This led to the formation and rise of contract law. Shifting focus to Classical Law, it is important to understand that it is one of the oldest forms of law in existence. Classical law has its roots in Rome and thus has the synonym Roman law. The form of law receives credit as one of the oldest law systems from the fact that it comprises laws that were written in Stone tablets. Roman law has ensured that these laws are observed by the subjects it governs and amendments are rarely done on it. Classical law can relate to contract law in that the