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The history of contract law is not a new but it was not until the nineteenth century did it become a key aspect of commercial law It was not until the establishment of England as a trading nation in the seventeenth century the feudal systems was used This traditional system was instantaneous and occurred as soon as the deal was made After the seventeenth century there was a growing need to settle trade disputes The merchant law only covered thoughs who members of the guilds so the courts conducted trails based on the laws the guilds used This formed the basis that gradually evolved over time by adding more case law and statues that govern the rules of commerce today The examination of the basic contract laws and principles which a person starting a new business will encounter will be analyzed by including the elements of a valid contract breach of contracts and possible remedies Finally this essay will cover consumer protection legislation and possible remedies and employment law issues The contract is a branch of law that generally determines the circumstances in which a promise shall be legally binding on the persons or corporation making it In other words a contract is a legal agreement made between two or more people This includes corporations as legally they are considered as an artificial person by the courts and thus are treated as any other independent person Such agreements give rise to certain obligations that may be enforced in the judicial system Failure to adhere to the obligations outlined in the contract creates a liability to pay compensation in the form of damages Damages in general are monetary compensation the courts award to anyone who has suffered loss or injury Often they are given to place the injured party back to the place they were before the loss or injury occurred The people who enter into a contract are known as parties to the contract
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