Contract law is a core area of law, so whether you're studying for a law degree, or starting your vacation scheme or training contract, you're going to encounter it a lot. In this handy guide, we explain exactly why contract law is so important across the legal sector, and provide details on where and when you might encounter it.
There are few areas of law that require as much attention to detail as contract law. We enter into contracts every day, whether we are using a service, having a drink in a bar or buying a bus ticket. Rarely does a problem arise; however, sometimes it does. In such instances, you can figure out where the blames lies and what the potential solutions are by referring to the contract, or the laws that govern the contract.
Terms and conditions, rent agreements, mortgages, loan agreements and receipts are all contracts that bind you and someone else into a special relationship. We enter into hundreds of different contracts throughout our lives and this area of law has many everyday applications.
Whether you are a legal clerk, an advocate or a judge, you will find yourself having to look through large quantities of paper work. Often contractual agreements can concern multiple parties. This means your role can often require a great deal of correspondence between various parties and therefore proceedings can sometimes last many months or even years.
Contract lawyers will usually work on cases from the beginning to the end. This will involve: the filing of a case, investigation, filing pleas and motions before the presiding court, negotiating settlements and even conducting the eventual trial.
It can be a very lucrative area of law, but the hours can be long, especially as deadlines approach. Often contract law is integrated into many other areas of law, such as corporate law, land law or even family law.
Contract law is all about relating the facts of the real world to an agreement made between two or more parties. Your job will be to ensure your clients’ best interests are protected as much as possible.
Attention to detail, attention to detail and attention to detail are the three most important traits required for anyone working in contract law. Often contracts can bind people to considerable sums of money and to something for substantial periods of time, so if you get it wrong, or fail to spot something, it can be difficult or impossible to rectify.