International Economics and Law Essay Example | Topics and Well Written Essays - 1250 words

International Economics and Law - Essay Example 100. One individual claimed to have caught flu even after using the medication; however, the company refused to pay him claiming that the offer had been made worldwide; therefore, it ceased to be an offer. Nevertheless, this offer was valid and the manufacturer owed the patient ?100 (formation of a contract, S8). Another characteristic of a contract is that it must be specific, in that, vagueness is not acceptable. In the United Kingdom, contracts are part of life. Contracts are inclusive of a promise and there is a legal duty that arises from such a promise. For instance, in the sale of property, a buyer has the obligation of paying the agreed amount whilst the seller’s obligation lies in transferring the title of the property sold to a buyer. The third element involving a contract is the remedy for breach of duty; an offer, consideration, and acceptance are considered as part of any contract. In case one party breaches his/duty in the contract, the other party or the aggriev ed party has the right for remedy. In addition, there must be an offer accompanied by a reasonable consideration, which must be accepted or rejected by the offeree of the contract. According to Ross (2009), in the United Kingdom, contract formation can be made on paper and online. ... The seller may accept that offer by selling the item to the customer; however, he may reject the offer if an agreement is not reached. Nevertheless, due to technological advancement, most contracts in the United Kingdom are done online; however, the elements of a contact must be involved. In Switzerland, formation of a contract does not require formalities of any kind. A contract can be concluded orally by showing the will to enter into a contract. The Swiss law however requires an individual to be above the age of 18years and above in order to engage in a contract; that is, any party to the contract must be at the age of majority and must have the legitimate capacity to enter into a contract. However, making a void contract in Swiss has the consequences of impossibility, such that, such a contract that defies the rule of contract formation cannot be executed or they can never be legally binding. Illegality is also an element of void contracts, whereby, contacts are declared null by the courts, hence forcing the partnerships to be dissolved (Dessemontet, 2004, p.111). According to Bucher (N.d, p.105), Swiss law recognizes the freedom of contracts, such as, an individual has the freedom to conclude a contract with a partner of his choice, and the freedom to establish the conditions of a contract. The similarity between UK and Swiss in terms of contract formation lies in the fact that the contract elements of consensus, offer, and acceptance apply in both countries. The contract formed must be valid; however, when some terms are acceptable, then the contract will be declared void. In addition, there is no limitation when choosing a contract partner. Question 2: The WTO Doha Round: Describe the agenda and status as well as the