Case Study on The doctrine of contract law
The doctrine of contract law focuses on the obligation of parties in a contractual agreement to enforce their promise. Further, that promise must be a component of a fair exchange between the involved parties. Therefore, parties must ensure that they honor their obligations based on the core elements of a contract (Li & Kolotilin, 2016). Subsequently, Bob Smith has an obligation to buy the house because he entered into a contractual agreement with McKinney Construction. If Bob Smith refuses to buy the property, he should forfeit his money because such a decision is a breach of contract as the construction company has not declined to fix the shutters.
Again, Bob has an obligation to pay the full contract price of $325, 000, and then demand that the construction firm finishes the installation of shutters. As stated, the company expects the full contract amount agreed by the parties as contracts once entered cannot be revoked unless one of the parties declines to fulfill their obligations. In this case, McKinney Construction, Inc. has a duty to install the shutters as part of its contractual obligations. Despite the incorrigible personality of Bob, the company should fix the shutters if Bob pays the full amount. However, if it deems it impossible to complete the work, they should not be paid the cost of the shutters’ installation of $2,750.