Introduction The industry of construction is very vast in UK, which sometimes contributes to 10 percent of the total GDP of the country. Many commercial issues have been grappled with it, all of them were in sharp focus by the critical climate of economy, since the mid of 2008. The essential nature of a contract can be encapsulated by different definitions.
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One definition which is very well understood in the context of business is considered it as an agreement which give rise to the obligations and the rights thereto, which are enforceable and recognized by the law. The parties to contract are free, since the foundation of contract is on agreement, freedom in the wide limits for agreeing on the obligations to which they wanted to be bounded. Doctrine of the freedom of contract is stated the same. This results in the bounding of the parties to contract at any rate in the context of commerce with the obligation of fulfillment, no matter whether appropriate or not. The doctrine of freedom gives the corollary that no person can be forced to enter into a contract. In the context of business it can be understood as about the terms of contract, if either party to the agreement can set aside, no matter how costly or inconvenient it is for other party and in the terms of money and wasted time. It is possible to walk away and stop the negotiation even the work has done in the proposed contractâ€™s anticipation. The parties in law are bounded when the contract is conclude. If a party cannot comply with the liability made of the contract, the other party of the contract can seek for the redress. This can be done, if needed, by compensation of losses in monetary terms due to the failure, the enforcement of the right to pay, or in some circumstances in which sufficient redress canâ€™t be provided an by an order due to which obligations are performed by the party. as An example when a consultants is failed in the performance of the services he/she is obliged to provide, the client of the said party can seek for the compensation of damages borne for obtaining the cost involved in the substitute performance i.e. services of other consultant. If the employer cannot perform the work he is obliged to by the contractor, the payment can be recovered in the form of debt. Concurrent liability in both tort and contract Every professional is owed to their clients a combination of duties such as fiduciary, statutory, tortious and contractual and to third parties the tortious duties. There have been a lot of cases, with relation to the concurrence of the responsibilities, especially in the field of medicine, which places doctors in contract for having concurrent responsibility and for physical injury in tort to their patients.
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