Aspects of Contract and Negligence for Business Essay

A contract is an agreement which normally consists of an 'offer ' and an 'acceptance ' and involves the 'meeting of the minds ' or consensus between two or more parties with the intention to create a legally enforceable binding contract. Therefore in this essay, the four core elements needed for the formation of a contract such as offer, acceptance, and consideration and intention to create legal relations will be discussed briefly.

The other element of agreement is acceptance. An acceptance must be made on the same term as the offer and can only made by the person who the offer is addressed to. Meanwhile, an acceptance must be made while the offer is still in existence and it must be made in an acceptable form which means that the acceptance must be made in the same manner of the offer was offered. Lastly, the acceptance is effective when communicated.

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

a) Alan wants to know the five requirements in order to make a valid contract.

A legal contract arises when there is an offer, acceptance of that offer and also a sufficient consideration to make the contact valid. There are five essential elements that make a contract legal and these includes;

‘Acceptance is a definite and unqualified assent to an offer, on all of its terms. Any acceptance given conditionally will not result in a legally binding agreement.’

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

Another element of a valid contract is consideration moving to the contract. In order for a valid contract to exist, both parties must agree to some type of valuable obligation

Contracts are an integral part of business and everyday life, and are fundamental to construction as the industry relies on the formation of contracts for business agreements. “Contracts are based on the idea of a bargain, where each side must put something into the bargain. A contract may be defined as 'an agreement which is binding on the parties’” (Galbraith, 1998, pg78). There are a number of key components which must be present in the formation of such contracts.

Due to the different roots of the two systems, the definition of a contract, as well as its formation, differ between contract law in Common Law Jurisdictions and in Civil Law Jurisdictions (France). The Common Law views contracts as bargains, exchange, a simple agreement has no binding force. It is mainly concerned with forecasting the impact and the binding legal consequences of a party’s promise. The structure or purpose of the contract is not as important as knowing whether the promise of performance that the contract is based upon is enforceable.

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.

In order to make a contract valid, it must satisfies 7 elements in relation to principles of contract law.

Acceptance is a final and unqualified expression of consent to the terms of an offer. An offer may only be accepted by the person to whom it is made unless an agent is authorized to accept on behalf of that person. In addition, an acceptance must be made in the manner requested or authorized by the offering party. If the party to whom the offer is made

This project bears on imprint of many peoples. I sincerely thank to Sir Puranjoy Ghosh and Ma 'am Jinia Kundu, faculty members of KIIT School of Law, KIIT University for providing me an opportunity to do my project work on “ENFORCEABILITY OF CONTRACTS AND BENEFITS OF THIRD PARTY”. Also, I wish to avail myself of this opportunity, express a sense of gratitude and love to my friends and my beloved parents for their manual support, strength, help and for everything .

Article 1483. Subject to the provisions of the Statute of Frauds and of any other