ACNB assignment 1 Essay

Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.

An offer allows the person or business to whom the offer is made to, to reasonably expect that the offering party is willing to be bound by the offer based on the terms proposed thus these terms of an offer must be define as well as certain.

An offer is classified through the notion and understanding the willingness of both parties to enter into a bargain or proposal to a contract. The person who makes an offer is the offeror. The person to whom he makes that offer is the offeree. The terms are annoying but inescapable because, like handcuffs, all courts use them. Stan who is the salesperson on the car lot allowed the buyers Jim and Laura to test-drive the car, after test driving the blue four door sedan the couple gave Stan a 100-dollar deposit to hold the car for one day without signing any paperwork.

according to American laws, a contract must have terms that do not only certify an agreement between two parties but can be used to prove its legality some elements that are involved in the contract include offer and acceptance which are the two major elements of any contract between two parties. Central to the formation of a contract is an offer which is accepted by the other party involved in the contract or agreement and in most cases, a price may be paid to make the contract legal. According to the United States contract law, the price payable in a contract agreement can be a free will of the parties involved in the contract without

1. Offer. An offer can be oral or written as long as it is not required to be written by law. It is the definite expression or an overt action which begins the contract. It is simply what is offered to another for the return of that person 's promise to act. It cannot be ambiguous or unclear. It must be spelled out in terms that are specific and certain, such as the identity and nature of the object which is being offered and under what conditions and/ or terms it is offered.

The legal aspect of every contract in business requires critical analysis for every term in accordance to the specifics upon which both parties are involved. The reason for analyzing such terms carefully is because it can become a crucial part in determining the decision making when addressing any business problem. This is generally more important from the perspective of the company management because some situations can result in high intensity and significance for the company. Analyzing the terms of a contract will help avoid any inappropriate or insufficient conclusions when presenting a final resolution in times of a dispute.

An agreement means a consensus on at least those essential terms needed for a workable transaction. The process of reaching an agreement is generally analysed as involving an offer and acceptance. Where the offer is a clear indication of the terms upon which a person is prepared to be bound, and an acceptance is assenting to, agreeing, or

An offer is an invitation or proposition to engage in business for mutual benefit. While no specific legal language is required to make the contract valid, the language that is presented must be specifically chosen to convey the intent of the proposal (Rogers, 2012). Second, there must be an acceptance. As Craig Smith says it, acceptance is a "manifestation of willingness to be bound by the terms of an offer" (Smith, 2015). Acceptance exists any time someone agrees to engage in business under the terms proposed. The third aspect is consideration. Consideration comes in many forms, but includes the exchange of mutual values (Rogers, 2012). The buyer provides consideration to contracts generally by exchanging money, what most sellers want from the transaction and the cornerstone of all business activity. The seller provides consideration in the form of goods or services that the buyer is willing to buy (Rogers, 2012). The next essential element of contracts is legality. To be recognized and enforceable, the elements and terms of the contract must be legal and cannot be based upon the performance of illegal activity (TFD, 2015). Finally, a valid agreement requires capacity. To enter a contract, one must be at least 18 years old, of sound mind, and competent to perform his or her duties, including an understanding of one's future obligations (TFD, 2015). While a preliminary version of mutual consideration has been discussed, no

Using different types of sources an explanation to the basic principles of contract law and how they apply. From doing this there will then be an explanation to what extent standard forms of contract are special types of contract. Contract that has been chosen is the JCT 2005 standard from of contract with quantities.

For the purposes of this report, I have focused on three standard forms of contract as set out below and have assumed that no amendments have been made in order to manipulate the contractual provisions;

The most important aspect of a contract is the agreement between both parties. Both parties should have contractual capacity and there has to be a consideration of money value in the contract. Once the parties are in agreement there will be a legal binding. The agreement is developed from one party making an offer and the other party accepting the offer with a materialistic perspective. An offer should make after an invitation to offer (preliminary negotiation) and a declaration of intention. An invitation to offer is not an offer, which can be turned into a contract by after an acceptance. Examples of an invitation to offer can be considered as goods displayed in a supermarket shelf, auction sale, tenders, share issues and advertisement without rewards. These invite the public to make an offer. It is essential to understand the prime difference between invitation to offer and an

Step 3:- The parties should mutually convey their intent to be bound by the contract. Courts always search for circumstantial proof to ascertain if there was an objective to get legally involved, and if something of worth is exchanged then it shall be assumed that they had the aim to be legally involved and then it be insufficient to merely state that no one had objective of contracting.

The aim of this report is to present contractual principals which make up and constitute a valid contract. It will explain also the types of terms and conditions that must be included in the standard form of contract and evaluate their importance to the business presented in the case study.

A contract has two principles that must take place for it to be finalized – an offer and an acceptance. One of the parties makes the offer to the other to enter a legally binding contract under offerors terms. The offeree (party receiving the offer) must agree to the stated terms for a contract to be formed, if they do not and attempt to change any terms then no contract is formed. If both elements do not take place, then under the law no contract has been formed. Multiple offers with different terms can be made before any acceptance is given, most likely because the parties are trying to come to an agreement of the contractual terms.

An offer is when a person or company proposes a deal. The offeror is the one who creates the offer, while the offeree is the one whom the offer is directed towards. Under the common law, there are statements that do not amount to an offer, problems with the definiteness with an offer, the termination of offers, and the acceptance of offers. Also keep in mind that under the Uniform Commercial Code there are different rules regulating offers and acceptance with the sale of goods.