Contract Law Case Study Example | Topics and Well Written Essays - 4000 words

Contract Law - Case Study Example The Director General of Fair Trading v. First National Bank [2001] 1 AC 481, was a test case, which has garnered a considerable amount of attention and controversy on the issues of fairness (equality) and reasonableness. Albeit the case is a local one, before the test is completed it will have far reaching implications and impact throughout the entire European Union. The issue of fairness is one which we are all compelled to deal with on a daily basis. Consequently, we are all familiar with its challenges, even for the most reasonable of men, we are perplexed by the paradigm of how does one be fair to one, and without being unfair to the other. The issues in this case gives it a special flavor, as it is spiced with social dimensions, economic ramifications as well as psychological overtones. It is not to be taken lightly, that there are elements present in this legal montage, which will take quite sometime (if ever) to untangle. Because it involves reasonableness, it is my contention that the initial remedy which will be presented by the court on these legal principles will be remedial, and the absolute relief will evolve over time. Given the fact that large financial institutions and the human element are at the forefront of these issues, the battle will be waged on the economic necessity battlefield of persuasion and influence. Nonetheless, I am convinced that the judiciary is prepared to serve the public good and preserve the human element.... similar substantive facts or circumstances and align them with the existing statutes which are applicable to the surrounding facts of the case. These facts are aligned with the pertinent statutes in an attempt to determine whether the defendant has committed a breach or to determine the level or severity of the alleged breach. In that the determination of a breach is referenced against the existing statute and aligned with the cases which are similar within this continuum, it is not often that a standing opinion is overturned. This is particularly true in a judicial climate where the bench is dominated by a number of strict constructionist judges; these persons interpret the constitution and statutes exactly as they are written and allow little or no room for expanding interpretations. Nonetheless, the expansion of interpretations or a broad reading of the statute can and does result, albeit rarely; there has to be at least two critical variables present to bring about the change of existing law; (1) The plaintiff must be able to show convincing and corrabarated proof to the court, documented history of a particular breach or number of breaches by a particular or specific group of defendants against a specific person or class of persons, and (2) reasonableness; the most intangible and transitional3 variable attached to the court or judges decisions. There is no question that this variable. Is intangible and the transitional state of reasonableness on an issue can be one thing today, yet another tomorrow; there are any number of situations or reasons which could