Pros And Cons Of Contract In Law

1205 Words3 Pages
bulb-icon

Recommended: Nature and forms of contract

What is Contract? : A contract is an agreement between two parties that creates an obligation to perform a particular duty. Sense of a contract is legally necessary agreement. Minor and a unsound mind person cannot go through into the contract not including these all other have a right to pierce in a contract. Legally for the enforcement of contract three following things require.
1. An Offer.
2. An Acceptance .
3. Consideration.(Consideration must be lawful)
Offer:
Offer is a one of a key factor of the contract but it must be legal. The offer must be sound communicated so that the getting party has the ability to accept or refuse the offer. If anyone signs a contract with out any reading it does so it is his/her own risk.The terms made in offer must be clear since court will review the clarity of contract. Bids or Request for Proposals are not valid offers. An offer must needs to be distinguished from an invitation to treat, goods on display in shops etc.
Acceptance:
Acceptance of an offer must be valid.Acceptance must match to the accurate terms of the offer.If parties have the same opinion to the terms of a contract then it will amount to form a valid contract. A valid acceptance in contract is establish a valid agreement. The acceptance must be communicate to the person …show more content…

law may require some contracts be in writing and execute with particular formalities. Many types of contracts are required by law to be in writing in order to be enforceable. Although verbal contracts may be enforce because where one party had perform their duty. Enforcement of contract protect the harm to the party from the breach of

Show More
Related

  • Lambert V. Barron Case

    1495 Words  | 3 Pages

    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.

    Read More

  • Misrepresentation Act Case Study

    1949 Words  | 4 Pages

    In order to have an enforceable contract there must be an offer which is accepted prior to any revocation of that offer. Acceptance is a final and unqualified assent to the terms of an offer. Acceptance must be effectively communicated to the offeror unless the need for communication has been waived, as in...

    Read More

  • The Pros And Cons Of Promissory Estoppel

    765 Words  | 2 Pages

    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

    Read More

  • The Four Step Process Of The Case Of Carlill V. Carbolic Smoke Ball Company

    1279 Words  | 3 Pages

    Agreement is a mutual understanding of two parties and willing to accept terms and conditions in order to form a legal contract (Penthony et al.2014). Agreement consists of two components; offer and acceptance. Offer is made by an offeror in an exchange for performance from another party on certain terms while acceptance is the action of accepting to the terms of the offer. An offer must follow the requirement in order to form

    Read More

  • The Pros And Cons Of Contract Law

    717 Words  | 2 Pages

    When it comes to contracts, there are certain elements or requirements, which need to be met in order for the contract to be valid. Defined, a contract is “an agreement that can be enforced in a court; formed by two or more parties who agree to perform or refrain from performing some act now or in the future” (Hollowell & Miller, 2014, p. 110). With contract law, there is the enforcement of promises made between two parties, even if made in private. Additionally if a promise is made, there is the possibility of the obligation falling into a moral liability rather than a legal liability. All in all, when it comes to business agreements, contract laws will apply to avoid any possible problems that may arise.

    Read More

  • The Grinch Short Story

    604 Words  | 2 Pages

    You all know the story of the Grinch, and that’s he is green, furry, and hates Christmas. But have you ever wondered why? If you wish to know keep reading. It was a bright sunny day when little Grinch went to school, his mommy always packed him his lunch, and the thing he loved the most about his lunch was the brocli! Little Grinch LOVED,LOVED,LOVED brocli, but no one else did, the kids in his class started to tease him and make fun of them, and call him names like gross-Grinch, and bullied him.

    Read More

  • The English contract Offer and Acceptance

    1227 Words  | 3 Pages

    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.

    Read More

  • Essay On Formation Of A Contract

    709 Words  | 2 Pages

    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.

    Read More

  • Carill V Carbolic Smokeball Case Study

    1388 Words  | 3 Pages

    A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.

    Read More

  • Void Contract Case Study

    1055 Words  | 3 Pages

    A contract is formed when two or more parties make an agreement with the consent of both parties. The meaning of contract is defined in section 2 (a) . Contracts create mutual obligations enforceable by law for an agreement between parties involved (KIM, 2017). The basic elements required to form a legally enforceable contract are offer, acceptance of offer, intention to create legal relations, consideration, certainty and legal capacity.

    Read More

  • Essay On Contract Law

    2266 Words  | 5 Pages

    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,

    Read More

  • Rules on Formation of Contracts

    1111 Words  | 3 Pages

    In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

    Read More

  • Validity Of A Contract Essay

    1264 Words  | 3 Pages

    The report analyses the various elements that are necessary for the validity of a contract. These elements consists of offer and acceptance, consideration, intention to create legal relationship, capacities of parties to contract, certainty of meanings and the necessary legal formalities. Offer and acceptance are the main elements to which the confirmation of an agreement is brought upon. Consideration deals more with the benefits that the party will expect to get from the contractual deal. For a contractual deal to occur, the intention of both parties should be clear which evoke the element of certainty and intention to create legal relationships. Moreover certain requirements on behalf of the parties are also to be considered as not everyone has the capacity to enter a contract. If those elements are not present within a contract, it will be termed as being invalid. The elements for causing the invalidity of a contract comprise of misrepresentation, duress, undue influence, mistake and illegality.

    Read More

  • Basic Elements Of Contract

    2047 Words  | 5 Pages

    A contract is an agreement between two parties. In order for the agreement to be valid in law it should have the basic elements of a contract. These elements are offer, acceptance intention to create legal relations and consideration. If any of these elements is missing in an agreement, the agreement cannot be treated as a valid contract. The first element off a valid contract is an offer. An offer is an expression of the willingness of a party to enter into a contract and intends to be bound if the offer is accepted. An offer should include a terms which are certain, be communicated to the offeree (Bayern, n.d.). Without these elements an offer cannot exist. An offer should be distinguished from an invitation to treat. In contrast to an offer,

    Read More

  • “Past consideration is no consideration”

    1509 Words  | 4 Pages

    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.

    Read More

More about Pros And Cons Of Contract In Law

Open Document