The topic of this paper is to establish the elements and requirements of a valid contract; it will examine the elements that make a contract valid and /or unenforceable. There are elements that constitute a contract, since there are agreements and there are contracts. Agreements unlike contract are not enforce by law, when an agreement is enforce by law it become a contract. There are also legal issues that may arise with different types of contracts. This paper will discuss the many considerations that must be established in order for said contract to be lawful and valid. It will further explain the validity of written and oral contracts and the laws that enforce them, also the fact that some contracts can be valid but not enforceable. It will also examine statues of fraud, ethical consideration, and the legal impact of technology. This paper will conclude with the enforceable features that are required by laws to make contracts valid and/ or enforceable, also suggestion to improve the laws and valid contracts statues. There are essential elements of a valid contract; initially there has to be a proposal and an acceptance. A proposal or an offer should set definite and clear terms in order to be considered a valid offer. If this offer is accepted it becomes a binding contract. The presumption or intentions of the parties involve to make said proposal legal makes it a binding relationship. Something of value must be exchange; this is considered “consideration”. If no consideration is exchange between said parties the contract is not valid or binding. There should also be mutual agreement, all parties must comprehend all vital terms of the contract and must agree to say terms, if there a misunderstanding by any of the parties in... ... middle of paper ... ... the non-breaching party for her loss(Rogers, S., 2012). In certain instance there could more than one remedy for aggrieved party, an Election of Remedies; said victim must then choose one remedy that best suits their situation. In conclusion contracts are a valid offer and a valid proposal of two or more individuals that are of sound mind and have understood all the stipulations of the legal agreement, and have offer reasonable consideration to put forth said contract. Numerous things can occur to hinder the validity of a contract. Understanding the components of contracts validity, can alleviate legal consequence. Remedies are put forth to compensate contract that have been broke or breached. Although to put forth a suit is a legal right, parties involve in a valid contract can find considerable terms on their own without having to come to a legal litigation.
Whether oral or written, the contract must manifest a mutual intent to be bound expressed in a manner capable of being understood, and include a definite offer, unconditional acceptance and consideration.” (Express Contract 2016) The above definition is a much clearer explanation with key elements outlined; 1. mutual intent, 2, expressed in a manner capable of being understood, 3. definite offer, 4. unconditional acceptance and 5. Consideration.
"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320)
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
As a first time homebuyer, your mortgage contract provides proof of your entry into real estate. The contract protects both you and the mortgage lender. The contract dictates the terms and conditions agreed upon by you and the lender, all negotiations made relating to collateral and interest rates and fees.
The purpose of a Social Contract is to keep society in order. Ways of keeping society in order are human rights, the constitution, police departments, and education in which all contributes in having a progressing society. Human rights have to be protected which are the first 13 or 14 amendments that’s states people’s rights. If humans didn’t have any rights of their own we would feel enslaved due to that we have no freedom. The Constitution contains laws that every human being has to follow unless if you live somewhere else other than the U.S. Police departments maintains society regarding the Constitution; even the police must obey the laws and their own rules. In addition, the education we take also sets examples of how we should always follow rules or laws. In classrooms we have rules that we must follow like listening to the teacher and so on.
Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.
The terms of a contract are important statements that describe the obligations and rights of all parties of the agreement. The terms are all matters agreed for example, how the deal will be done, what is the deal, and under what circumstances the deal will be made.
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
A valid contract is an agreement including promises made between two or more parties with an intention of certain legal rights and legal responsibility that are enforceable. For there to be a contract – that must contain four essential elements- offer, acceptance, intention to create legal relations and consideration.
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.
Four requirements for a valid contract that is legally binding are: agreement, consideration, contractual capacity, and legality. Any contract