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Define and explain the 4 elements of a contract
Discuss the essential elements of a contract
Discuss the essential elements of a contract
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Recommended: Define and explain the 4 elements of a contract
An elements of a legal contract is legally enforceable agreement. Also All contracts, whether written, verbal, express or implied must have certain elements in order to be valid. People make promises and don’t tend to keep them half the time. For a contract to be forcible several key factors have to be established. Which would be offer , Acceptance, Consideration, Legality,Capacity,Consent,and Writing. Element one The party must show false statement of facts,element two the party must demonstrate that the statement was material or important. Element three the party must also show that a person actually did rely on false statement and that the person reliance was reasonable. Sometimes courts will enforce agreements even if they fail to meet usual requirements of a contract.In the scenario it talks about jim and laura giving stan a 100 dollar deposit for a blue 4 door sedan, stan lets them know that the deposit was garenteeted refundable.Jim and laura the next day decided to change there minds about the car and wanted there money back stan insited to get …show more content…
These contracts are pretty much less common. As for some legal advice I would point out to Laura and Jim of what would be a promissory estoppel which is cases the defendant made promises that the plaintiff relied on which is Stan word about the deposit and the car. A promissory estoppel is a doctrine which the court may enforce a promise made by defendant even when there’s no contract. This could help Jim and Laura case with car dealership on Stan. In Jim and laura case Stan should have know that what he was doing was creating a contract that he thought he could get of also on JIm and Laura behalf they have to prove to the courts and demonstrate that they entered a contract based off of factual error and that Stan knew or had a reason to know the
This case study examines various real estate contracts – the Real Estate Purchase Contract (REPC) and two addendums labeled Addendum No. 1. Addendum No. 1 and Addendum No. 2 – pertaining to the sale of 1234 Cul-de-sac Lane in Orem, Utah. The buyers in this contract are 17 year old Jon D’Man and 21 year old Marsha Mello; the seller is Boren T. Deal. The first contract created was Jon and Marsha’s offer to purchase Boren’s house.
Legally enforceable "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." (Scheffel, Evan, and Jane P. Mallor, 2010. Chapter 9, Page 321) The Lambert v. Barron case showed us an example of what happens when a contract does not contain all elements to become a legally enforceable contract. Mr. Barron did not accept the offer, Mr. Lambert made no promise to recover money from the disputed contracts owed to Mr. Barron, so there was no promise to perform.
However, the fourth element, which is "legal object," may not be satisfied between Sam and the chain store because there was nothing in writing, nothing was “drawn.” An oral promise would make the contract invalid if the completion of that promise will take more than a year from the date of agreement. However, if the chain store has written proof confirming Sam 's promise, for example, advertisements, invoices that the store only prepares in the regular course of business after an oral promise for a product delivery has been made, a court may consider Sam 's oral promise legally binding. Then it would be considered a "primary obligation" (since there was a debt incurred in anticipation of the sale of his invention at their stores). In that event, the contract does not need to be in writing to be enforced since primary obligations are not within the statute of frauds. So if the chain store does not get their 1000
The article "When is a contract legally enforceable?", helped me understand legally enforceable because it talks about the elements of a contract which are "offer and acceptance, legal consideration, capacity to create a
A Theory of Justice is the magnum opus of 20th century social contract theorist and political philosopher, John Rawls. A bit of background into this work is that social contract theory had fallen out of favor with political scientists and philosophers since the last 18th century, with the success of the American Revolution and the apparent triumph of John Locke and Democracy. However, with the advent of modern globalization, the emergence of America as a superpower, but the growing concern of socio-economic disparity necessitated a revisiting of the social contract, what it means, how societies and governments were best constructed.
In this case, where the parties are only two individuals, transaction cost is likely to be much less than if it had involved a lot of people or a process that involves an institution or a firm. Multiple contracts specifying the rights and responsibilities of various parties and contracts with verify of contingencies is likely to pose a higher cost. Thus, the likelihood is to leave some of these contingencies open with the possibility of such open contingencies occurring. In the case of Kristen and her friend, a simple and less contingent contract can be
The case presented is that of Sam Stevens who resides in an apartment. He has been working on an alarm system that makes barking sounds to scare off intruders, and has made a verbal agreement with a chain store to ship them 1,000 units. He had verbally told his landlord, Quinn, about his new invention and Quinn wished him luck. However, he recently received an eviction notice for the violation of his lease due to the fact that his new invention was too loud and interrupting the covenant of quiet of enjoyment of the neighbors and for conducting business from his apartment unit.
A voidable contract means that the representee can elect to set aside the contract due to the misrepresentation. In order to recover due to misrepresentation, it is essential to establish that a representation was made and it turned out to be false. In addition, it is important to establish that the representation was made falsely or without knowledge of its truth and it was intended to be relied on by the other party. Other factors that must be established is that the other party did rely on the representation and as a result that party suffered a
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.
Four requirements for a valid contract that is legally binding are: agreement, consideration, contractual capacity, and legality. Any contract
Explain why it is important to have an intention to create legal relations when making a contract and why is consideration of the parties to the agreement necessary-:
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 under which one party promises to do something for the other in return for compensation (Morris, & Pinto, 2007). In essence, it is an obligation on both parties to fulfil their part of the agreement and operate within the framework of law. The parties involved are the purchaser and the supplier or the sponsor and the vendor. The contract is an essential document that outlines the agreement made by both parties. The contract should contain specific language detailing the requirements of both parties. The contract defines what was agreed upon by each party, a definition of what happens when things change, a definition of obligations, a definition of the relationship between the parties and the level
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,
In certain contracts however , where a party to a contract concealed something he knew to be material, the contract will be voidable at the instance of the aggrieved party. These contracts are known as contracts of the utmost good faith, or uberrima fides. The prime example which is of course contracts of insurance.