To what extent the principle of contract has been applied in the Essay

To what extent the principle of contract has been applied in the design of the Contract law in China - Essay Example Moreover it is a legal document and is directly under the law and any deviance from the agreement or the contract can lead to severe punishment by the law. The government has a direct involvement in the contract and any deviation may lead to serious consequences. A contract in general consists of an offer, the act of accommodating to the offer and a valid and valued consideration over the agreement. By means of signing of the contract each party gains certain rights and duties over the other parties involved in the contract. The amount of benefit received by the parties is not necessarily of the same amount, one of the party can gain more benefits than the other part but the other part cannot raise any voice if the part has already signed the contract; because signing the contract means that both the parties have accepted all the points of the contract and after the signing process no arguments can be raised. The most important thing in a contract is that it is done by mutual approva l and sanction (China, 1999). The Republic of China for its people has introduced the contract law for the protection of rights and to provide them with a sense of strength and independence. The government has enforced certain laws regarding the issue of contracts and the laws have been designed so that during the process of contract or agreement signing the weak party or person cannot suffer from any lose or come under the pressure of the powerful party, person or organization. The law also states that no party or person can be forced to sign a contract or to withdraw from any contract. Each and every citizen of the country has been given the full right to enter or leave a contract on their wish. The most important issue that is discussed in the law is that the contract points must be entirely based on honesty, justice, and equity and the rights of the people must always be kept under consideration. It is a binding on the parties or individuals involved in the contract that whateve r agreement takes place in the contract, it must be taken place by the mutual consent of both the parties and no individual person or party of the contract will have the power to make any changes or amendments without the consent of the other party (China, 1999). It is a binding on the parties of the contract to strictly observe the points of the contract accordingly. One very important point for the contract enforcement is that both the parties have their signatures on the contract and this signature process must be performed within a certain time period. If the time limit exceeds then the contract will no longer remain valid and applicable and will have to be renewed from the beginning. There is a possibility that the other party signs the contract and the contract reaches the offering party after the time limit then in these cases usually the contract is considered to be accepted but in certain cases the offering party rejects to accept after the time limit has passed. To withdra w from the contract is not an easy task as it is against the principle of contracts and if a party wants to withdraw from a contract then the withdrawal must be made soon after the acceptance of the agreement (China, 1999). The contract law of the Republic of China is quite a lot in accordance to the principle of