Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Requirements of a valid contract
Essay of difference between a void contract and a voidable
Requirements of a valid contract
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Requirements of a valid contract
1.0 Introduction 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. 1.1 Void Contract The term ‘void’ is defined as null, invalid and have no legal effects (Thelawdictionary.org, 2017). Definition of void contract is in section 2 (g) . A contract is said to be void and unlawful when the stated agreements fall within any of the subsections that stated under section 24 . The effect on a contract prohibited by statute as shown in Chung Khiaw Bank Ltd v. Hotel Rasa Sayang Sdn. Bhd. & Anor . According to section 67 , companies are not allowed to give financial assistances related to purchases of shares of its holding company. In this case, the directors of Johore Tenggara Sdn Bhd purchased the shares of Hotel Rasa Sayang Bhd with the loan granted by Chung Khiaw Bank Ltd, which against this section. Simultaneously, the …show more content…
In other words, the party who rejects the contract may avoid the legal liability stated under a contract (US Legal.com, 2017). Section 10 stated all agreements that are made by the free consent of parties are contracts. The said agreement is not necessarily being enforceable when the contracts are not made by free will of the parties. Description for free consent falls under section 14 . By virtue of section 19 (1) , agreement is a voidable contract on the grounds of consent to an agreement caused by coercion, undue influence, fraud, misrepresentation or mistake. The party to the contract is able to cancel or revoke the contract when the contract is
There were also no terms or conditions to perform, nor a time or event of completion of performance. “USLegal.com helped further explain the requirements of a legally enforceable contract by providing the following elements that must be adhered to, in order for a contract to be legally binding: an offer; 1. an acceptance of that offer which results in a meeting of the minds, 2. a promise to perform, 3. a valuable consideration, 4.
There are also many more case precedence of being allowed to pursue this case, Khanna vs Microdata Corp showed the court siding in the case of the Plaintiff when he was discharged from his company providing no “just cause” thus severing the implied–in-law covenant that was established during the course of his employment. I would also like to point out “Dare v. Montana Petroleum Marketing” in which job security and a right to be treated fairly was assumed to of been had (Breach of an Implied Covenant of Good Faith and Fair Dealing.
When discussing the concept of contract law, there exist two bodies of legal rules that may apply to the contract. These bodies are the common law of contracts and Article 2 of the Uniform Commercial Code or the UCC. The common law of contracts is court made and is constantly changing, but the UCC is required in every state within the U.S.A. It is important to know which one to use and when, as well as what the differences between them are.
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
The area of law that is required in order to form a legally enforceable contract is agreement.
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.
The issue of abortion is emotionally loaded and this often makes for poor, not thoroughly thought out arguments. The questions: "Is abortion immoral" and "Is abortion a murder" are often confused. The pregnancy (and the resulting foetus) are discussed in terms normally reserved to natural catastrophes (force majeure, in legal lingo). At times, the embryo is compared to cancer: after all, they are both growths, clusters of cells. The difference, of course, is that no one contracts cancer willingly (except, to some extent, smokers --but, then they gamble, not contract). When a woman engages in voluntary sex, does not use contraceptives and gets pregnant - one can say that she signed a contract with her foetus. A contract entails the demonstrated existence of a reasonably (and reasonable) free will. If the fulfilment of the obligations in a contract could be life-threatening - it is fair and safe to assume that no rational free will was involved. No reasonable person would sign or enter such a contract. Judith Jarvis Thomson argued convincingly ("A Defence of Abortion") that pregnancies that are the result of forced sex (rape being a special case) or which are life threatening should or could, morally, be terminated. Using the transactional language : the contract was not entered to willingly or reasonably and, therefore, is null and void. Any actions which are intended to terminate it and to annul its consequences should be legally and morally permissible.
The statement is an adaptation from Samuel Goldwyn quote, "A verbal contract isn't worth the paper it's written on." While the law and courts have no problem with verbal contracts since contracts are not required to be in written form, this statement addresses the drawbacks of not having a written contract when agreeing on an issue. A verbal contract is acceptable before the law but usually it becomes one person’s word over the other. Most verbal contracts are tainted with suspicions and during a case, one party can argue about the existence of the contract in the first place. In addition, there is the issue of the specific terms contained in such a contract if at all it exists. As such, unlike written contracts, verbal contracts are prone to disputes,
There are three basic essentials to the creation of contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration.
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 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.
Void and Voidable Contracts Void Contracts: A contract is void if it is worthless, that is, not
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,
Section 14 of the India Contract Act, 1872 says a Contract is voidable if one of the parties in the contract is induced by coercion, fraud misinterpretation, or a mistake.
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.