Section 1Introduction
In a successful economy there needs to be a reliable interchange of goods and services. The market place can be seen "as the principal mechanism for the production and distribution of wealth". Contracts are drawn up to make both parties aware of the intentions of each other and to make the exchange legally enforceable. This essay is primarily concerned with what happens when there is a breach in the contract. Most contracts will contain remedies which sets out what will happen in situations where a party breaches a condition in the contract. …
