International Corporate and Contract law Essay Example | Topics and Well Written Essays - 3750 words

International Corporate and Contract law - Essay congresswomanContract and business law argon increasingly composite and at the present they affect all industry and all types of commercial iron out from entering into an agreement, to ensure the validity of purchase circumstances. A contract law is generally an agreement enforceable through law. For the legal contract law to become legal, it moldiness satisfy certain legal necessities. There are various telephone lines of contracts which, though ideal so outlying(prenominal) it relates to structure, consideration and contract, are non specified. All the agreements are deemed to be contracts, if the agreements are prepared by the go off consent of the parties, capable to contract, for a legal consideration with a legal objective, and are not specifically tell as invalid. The following are considered as the necessary elements of a valid contract agreement, intent to create a legal relationship, free and genuine consent, and par ties competent to contract, legal consideration, legal object, agreements not declared void or illegal, certainty of meaning, possibility of performance and the necessary legal formalities. In this particular business scenario, there is no written agreement among the parties to the agreement so this is not a valid contract. As a case in point, John is not liable to pay compensation to Gold weigh Inc. As he, John John, claims that he did not enter into any binding agreement wit the firm, and that his trace produced by the Gold Iron Inc. was forged. The Contract Act is the law of those agreements which create obligations, and in case of a breach of a promise by one party to the agreement, the other has a legal remedy. (Law of Contracts n.d). The circumstance of the Case In this case, Gold Iron Inc, which is a steel manufacturer company, is incorporated in protoactinium (USA). John, is an Italian citizen, is an engineering consultant who has spent much of the time traveling round t he earth. When he is not at work, he spends his time with his family in Italy and also with his mistress in England. Johns assets are mostly located in England. During his journey he happened to meet the president of Gold Iron Inc that is Mr. Unwin at a conference in New York. As a result of this relationship is that John hold to carry out some consultancy work on behalf of Gold Iron Inc. John, on the other hand, claims that he did not go into any kind of binding agreement and that his signature was forged. The Agreement enclosed a clause of dispute resolution that says Any argument arising out of this agreement consisting of questions regarding its validity and existence exit be exclusively referred to the courts in English, and that the governing rule of this agreement shall be Italian law too. after(prenominal) few months Gold Iron Inc started legal proceedings against John in the courts of Italy for breach of contract. In the course of the actions Johns lawyer claimed that Go ld Iron Inc was intentionally seeking to delude the court by forged written proof. The court decided that the proof was not forged and completed that John was in breach of contract. The Italian court handed down a verdict in December in Gold Iron Incs favour, ordering John to pay compensation of 5 million. Since a precise substantial body of European contractual and commercial law derives its inspiration from Roman law, it is appropriate that mod Italian law be taken as representative of the contract and commercial law