The Rules Of Waiver And Estoppel In International Business

In the 20th century, great changes have taken place on contract law. Accompany with the declining of the theory of consideration, there are many new laws coming out. Waiver and estoppel given birth as the counterparts of consideration theory were welcomed and accepted by the American and English courts and applied to a large range of areas.In part 1, we introduce the emergence and development of the principles of waiver and estoppel.Consideration theory is always the axes of the contract law.There are characteristics of dorctrine, mechanism and rigid.In part 2, we definite the principles of the waiver.In this part, the main content is the conception,format,important elements of the form of the principles of waiver. So that we can know better of the two principles.Part 3, we definite the principles of the estoppel.In this part, the main content is the conception,characteristics,the foundtions of the theory,the relationship of the theory between other theories and rules,the styles of the estoppel and the results if applying these principles.In Part 4, we move from the application of waiver and estoppel on International business affairs.Our corporations must understand and master these rules of games,if they want to challenge with International competition.In Part 5,the conclution on the principles of two theories.Summasize the whole paper.