Constitution: It's the highest source of law in the most legal systems . Lays down the fundamental principles structures with a state
Statutory law :Law enacted by legislative bodies like the parliament
Judicial precedents :Decisions made by court especially high courts from the body of case law .The judicial rulings serve as precedents for future cases
Administrative regulations :Rules issued by government agencies that have the force of law
Contracts : A contract is a legal binding document that subsides between two or more parties
Types of contacts
Unilateral :Contracts that create a biding obligation on one party
Bilateral : contracts that create biding obligations on both parties in a contract
Valid :Legallybiding contract accepted by the law
Invalid contract :contract which is not accepted by the law
Terms of a contract in Business law
Mutual Agreement
Both parties agree to terminate the contract.
Notice
One party gives notice to the other party, notifying them of their intention to terminate the contract.
Breach
One party breaches a material term of the contract, allowing the other party to terminate it.
Force Majeure
An unexpected event or circumstance beyond the control of the parties, making it impossible to fulfill the contract.
Expiration
The contract expires or reaches its natural end date.
Fraud
When one party deceives or cheats the other party to induce them to enter into the contract.
Unconsciousionability
When the terms of the contract are so harsh or unfair that it would be unconscionable for a court to enforce it.
Undue Influence
When one party exploits their position of power or trust to manipulate the other party into entering into the contract.
Duress
When one party is forced to agree to a contract against their will, often through coercion or intimidation.
Misrepresentation
False statements made by one party that induce the other party to enter into the contract.