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Law of Contract Assessment III - Essay Example . The fifth element entails capacity. This involves the soundness of mind as well as legal age for a person entering into a contract. The law does not recognize a contract formed with a minor. The sixth and the final element entail legality of the contract. For example, some /contracts may be considered valid in a particular but may be invalid in other countries (Poole, 2010)3. The study will provide an insight of whether John is obliged to pay the extra Â£3000 to B&B Ltd, and whether he is obliged to pay the full rent /arrears to Maritime Developments Ltd. In addition, the study will provide a clear summary of common law and equity as well as law and /facts relating to case. Finally, the study will take into consideration any issues arising for each party. In common law, the judges utilize the past precedent to decide on the current cases. This means that the principle of Stare decisis tend to be applied especially where there is no other law that can be applied to decide a case. Therefore, the judge decides a case based on the previous cases decided by previous the judges (Ferrari, 2012)4. However, if the case emerged to be very distinct from the previous cases that were being decided by the past judges, the court may formulate a law that may be used to decide on other future cases. The other principle in common law is that similar fact should be treated unanimously and should be isolated in any whatsoever. Therefore, similar cases should be held similarly (Shiblee, 2012)5. On the other hand, equity entails a system of principles that address or issues that fall outside the reams of a common law. This means that unlike common law which provides a manner in which the case may be decided by the court of law using the past precedent; equity provides a solution to the case. Equity further mitigates strict decisions arrived through application of the common law. Some of the
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