Assignment For This Week Is Enforceable Contracts

Contracts are legally enforceable agreements made between two parties. There are many different types of contract, all made and enforced in different ways. However, for an agreement to be valid in contract, there needs to be an offer made, and acceptance.

There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract.

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

A contract requires four elements to be valid. Essential elements in any contract include the following: agreement, consideration, legal ability, and a legal object (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). The agreement includes the offer made to the other party who then agrees to enter into the contract. The consideration includes the exchange each party receives as a result of the contract. The legal ability is capacity one has to enter into a legal contract. The legal object is the legality of the contracted issue. These elements together create an effective, valid contract.

Four elements are necessary for a contract to exist. According to Kubasek et al., (2012) “These elements are the agreement, the consideration, contractual capacity, and a legal object,” (p. 304). The agreement consists of an offer from one party and an acceptance from

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;

These are the 4 main elements of a contract, and a contract will not be valid without these.

Apply the five essential elements of an enforceable contract to your example and answer the following questions.

There are six elements that constitutes a valid contract. A contract can be formal or informal depending on the outcome that Mrs. Smithson is looking for. The four elements of a valid contract are offer, acceptance, consideration, and capacity. An offer or a promise is considered to be an agreement, if there is no offer then there cannot be a contract. Offer is there to make sure that the contract is legally binding or acceptable. If an offer is accepted then it is considered to be legally valid contract. The contract is made when there is acceptance from the other person or party. If, however the parties are still in negotiation then there is no contract because it can only be formed when there is an agreement between the two parties. The

Under Common Law, for a contract to exist, three elements must be present: an offer, an acceptance and a consideration. The notions of offer and acceptance under Common Law are not fundamentally different from those in French contract law, although their effects may differ. The offer indicates the willingness of a party to enter into a bargain, and the acceptance reflects the agreement of the other party to the offer.

Contracts can be defined through promises between parties that are enforceable through law. We know that both parties agreed verbally, an oral agreement was made to hold the car for one day with a hundred-dollar deposit and Stan agreed to the terms that the deposit was refundable. Contracts can be in in two form which are written or oral. Based on the elements of contracts, many fundamentals factors are considered mandatory to form a contract that is binding on parties and are primarily outlined through the following:

The four elements of a valid contract are offer and acceptance, meeting of the minds, consideration and competent parties. The contract must cover a legal purpose or objective as well (Binder, 2012). The objective theory of contracts holds that contract formation is dependent on what is communicated, rather than what is thought by one of the parties (Barnes, 2008).

The last requirement of a valid contract is that its provisions be legal. If a

Contracts are used in many different forms and for just as many different situations within our everyday lives. Some contracts are more involved than others and for some; contracts are an essential of their success. As we continue, we will take a look at different types of contracts with the main focus on enforceable contracts. With so many elements that are incorporated into any contract, the six essential elements of enforceable contracts will be the main focus of this writing. Having a clearer understanding of the essentials of life will help prepare us for life’s curves that may come our way.

1. For the following types of undertakings, which contract modes are most appropriate? Be prepared to explain the rationale behind your choice.