The paper "The Importance of the Business Employment Law" is an impressive example of a Business assignment. A contract is described as a legally binding agreement entered into by two or more parties at their own free will. This means that failure to abide by the rules set out in the agreement or failure to adhere to the contract could lead to the prosecution of the parties who defaults the contract (Hondius, & Grigoleit, 2011, p. 120). However, there are times that a party to a contract may want to opt-out of a contract due to various reasons.
In such a scenario, it leads to termination of the contract, but then this could also prove to be quite challenging. This is attributed to the fact that termination of a contract is based on various factors. This is to say that an individual cannot just decide to terminate a contract as they wish, as this may be detrimental to the other party (Elliott, & Quinn, 2013, p. 220; Poole 2012, p. 270). Therefore, in an effort to ensure fairness to parties in the contract termination of the contract is based on various legal grounds.
These legal grounds stipulate instances under which parties may terminate their contract. In the case of AFSB termination is done without any notice or cause for termination. This could lead to legal suits being instituted against AFSB on the basis that termination was not conducted using the proper channel (Poole 2012, p. 230). However, the law does allow parties to a contract to terminate their contractual obligation without necessarily providing notice to the other party. In addition to this parties can also terminate their contract without cause pursuant to a term in the contract (Hondius, & Grigoleit, 2011, p.
200). Therefore, these two legal principles do allow parties to terminate contracts without necessarily notifying the other parties. However, courts have been careful in allowing these principles in an effort to avoid instances whereby parties misuse this principle. One of the factors that the court considers whether the termination was done in good faith (Andrews 2012, p. 485). This is to say that upon terminating the contract the party in question did not do so as a way to frustrate the other party to the contract.
Additionally, the courts will in most instances consider the issuance of a notice to effect the termination.
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