Which of the following statements with respect to legal maxims are true ........

Legal Reasoning Others

A contract is a legally enforceable agreement between two or more parties where each assumes a legal obligation that must be completed. Many aspects of daily life involve contracts, including buying property, applying for a car loan, signing employment-related paperwork, and agreeing to terms and conditions when buying products and services or using computer software.

Legal issues involving contracts arise most often when one party fails to perform the legal obligation it has agreed to do. When a party breaches a contract by failing to perform, the other party can often sue for money damages, or, in some limited cases, can ask the court to force the other party to perform as promised.

Contracts can also be the source of legal disputes when they are not written clearly. Parties who misunderstand the terms of their agreement may sue each other and have a court settle the argument. Additionally, when a company signs a contract and later goes out of business or is unable to fulfil its promises, the other party may have to pursue legal action in civil or bankruptcy court to obtain relief.

Contract – An agreement between two or more parties that creates in each party a duty to do or not do something, and the right to performance of the other party’s duty or a remedy for a breach.

Breach – Failure to perform an obligation created by a promise or contract, without justification or excuse.

Performance – The action or omission required to fulfil a promise or obligation.

Specific Performance – An equitable remedy that requires a breaching party to fulfil the exact terms of the contract; used when monetary damages are insufficient or inadequate, such as for the breach of a sale of real estate.

Offer – A proposal for an agreement that another party may accept upon receipt to form a legally binding contract.

Acceptance – An approval, often required to be in writing, of an offer that forms a legally binding contract.

Statute of Frauds – A state law that does not allow certain contracts to be enforced unless they are in writing.

Which of the following statements with respect to legal maxims are true.

A legal maxim is an established principle or proposition of law or a legal policy usually stated in Latin form.

These principles guide Courts all over the world in applying the existing laws in a fair and just manner to enable the Courts in deciding issues before it.

Such principles don’t have the authority of law but when Courts apply the maxims in deciding issues of law or the legislature incorporates such maxims while framing laws, they take the form of law and form the basis of sound judgments.

all of these

Explanation:

A legal maxim is a universally accepted principle or proposition of law or a legal policy generally stated in the Latin language. The Latin maxims mostly arrived from the Medieval era in the European states that considered Latin as their legal language. A legal maxim is brief-expression seeming like a term of any fundamental rule. It is often instructive and relates to some specific actions. These principles enable courts to deliver justice in a more pristine manner by applying the existing laws in deciding issues fairly. Maxims don’t possess the authority of law but when they are incorporated while deciding issues or framing laws, they mould into laws and form a sound basis of judgments.