What are the key areas in which contract law has evolved from traditional concepts, to addressing equitable solutions or complex modern day transactions and structures?
Contract is basically an agreement between two or more parties whereby the agreement is governed by the laws provided in the constitution. The contract is usually essential in all the aspects of the society from the politics to the social life and finally to the economic life. The contract law thus over the decades has evolved to accommodate the complexity of the modern life norms and the economic business transactions. Contract law has seen the development of new techniques that account for all areas of a contract including the modern digital signing where signatures are signed electronically this is due to the complex technology that has been invented. The making of smart contract laws is another change whereby this is aided by the algorithms of computer software. This smart contract work with the basic objectives of law which include observability, verifiability, privity and enforceability.
What is the impact of compromising certainty in the interest of justice?
Certainty which is a legal term refers to a principle that is in the international law that acts as a guideline to those that provide ability within the subject to be able to regulate their conduct. It’s the central requirement for all the laws. When the certainty is compromised it has fatal consequences to the society at large. It leads to injustice to other members of the minority groups since the law is being used in the wrong manner. This compromising also may lead to corruption where officials in charge of the rule of law will deviate from the international rules set of adhering to the certainty and deviate towards their selfish gains.
Are there particular applications in a pharmaceutical industry?
The pharmaceutical industry deals with the production of various drugs in large scale to combat the various diseases. There are a lot of applications from the pharmaceutical industry example of an application is the operational certainty within the pharmaceutical industry. These applications within the pharmaceutical company provide adequate performance within leading to the production of high quality products that are beneficial. This does not leave any room for error within the companies since any certainty would lead to huge losses. However when certainty is taken into compromise within the pharmaceutical industry then the standards of the industry is the questioned on whether it can uphold its reputation in the production of medication.
Identifying and summarizing the areas in which traditional concepts have evolved. Discuss the impact of the evolution on the law of contract and commercial.
The basics traditional concepts of the law of contract included the proposal or offer which entails the area of interest among the parties involved, the other concept is the acceptance where the parties accept their roles in the contract, then these is followed by an agreement that would be considered and enforced by law. However these traditional concepts have evolved into more complicated ones where the simple aspects are not that much considered rather there are more complicated technological way of creating and agreeing to a contract like the media signing and the online signing of contracts and treaties which involve infringing the copyrights of other people works. The impact is that more contracts are signed daily due to the smart law of contract formulated.
Discuss how the evolution impacts the pharmaceutical industry?
Evolution is dynamic and occurs in form of changes which is inevitable to occur. Within the pharmaceutical companies there have been inevitable changes that have occurred in the industry. These changes have turned to be game changers within the industry as predicted. With the incorporation of laws being followed by the industries producing the drugs it has been crucial for the industry to deploy new tack ticks to cope up with the new demand the is expected from the industry. The quality has been the issue as this evolution has taken part with the industry having to stay at par with these incorporation which most say is for the best.
Carroll, J. (2009). The pharmaceutical industry. Detroit: Greenhaven Press.
Elliott, C. & Quinn, F. (2007). Contract law. Harlow: Pearson Longman.
Rosmini, A. (1991). Certainty. Durham: Rosmini House.
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