Business Agreement and Requirement to Form a Valid Contract:

A contract is an official agreement between two parties. There are different types of contract, such as sale and purchase of a business agreement, partnership agreements, lease of business premises, lease of plant and equipment and employment agreements. The format can vary too. It can be face to face, written, or distance selling. The specifications of a contract involve offer and acceptance, the intention to create legal relations, lawful considerations, capacity and legal formalities such as terms and conditions.

When majority of the people think about the contracts, bilateral agreements come to their mind. As in its most basic form, as bilateral contract is an agreement at least between two people or more groups. Most personal and business contracts would fall into this category. Whereas the simplest way to understand unilateral business contract is by analyzing the word 'unilateral.' In its general terms, as unilateral contracts will involve an action undertaken by either one person or by any group alone. However in contract law, unilateral contracts will allow only one person to make an agreement or promise.

The validity of an oral contract depends on the jurisdiction, in most cases they are treated like any written one, but some situations (such as when exchanging real property) may require physical evidence such as a written agreement to back up the oral one. For oral contracts to hold water (become enforceable) they must be done correctly, like making sure there is a witness to the deal-making.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

A contract is an agreement between two or more parties which in Scotland does not need to take a specific form, as a spoken agreement is still equally as enforceable as a written contract in certain circumstances such as in most social and domestic arrangements. A contract creates a legally binding bond between the parties involved. Contracts are made everyday sometimes without even realising it from buying a coffee to buying a house.

A contract is an agreement that creates an obligation that is enforceable by the law. The law has clear guidelines that before there exists a contract that will be binding, there has to be an offer, acceptance, mutual obligation and all parties should be of sound mind and by law be of legal age. A contract can either be written or spoken. Assuming that the buyers were at the required age went to the car dealership looking to purchase a new car.

Give an example of each of the two types of contracts. Explain which type of contract is used in your organization. (If you are not currently employed you can give a hypothetical example or an example from your experience).

Most contracts are valid despite the fact that they may be only oral. Dan was knowledgeable that Pat wanted to buy a home, which she was not financially qualified to purchase. Consequently, he offered to purchase the home and sell it to her, when she had the capital to do so. The statement of Don to Pat, “When you come up with the money, I will sell the home to you for $250,000, plus a fair commission to be determined”, and Pat’s search and identification of a suitable home, and Dan’s purchase supports each intent to be bound.

A contract is a legal document that states and clarifies a formal agreement between two different people or groups. This implies that an agreement between parties must have a strong backing by law. The following are therefore required for a contract to be mandatory for all participants involved. These elements in a contract prove whether the contract is regarded credible or not credible: The objective is to build a legal relationship, offer and acceptance, consideration, capacity to contract and legality.

When running a business, the most common legal transactions you will be involved in is a business contract and despite what type of business a person runs, by having an understanding of contract law is a key to creating sound business agreement that will be enforceable legally incase a dispute arises (Find law).

A contract is an exchange of promises or a promise in exchange for performance, for breach of which the law gives a remedy, per Restatement 2nd of Contracts §1. For the contract to be valid there has to be mutual assent, parties mutually agree upon the same specific thing. Per Restatement 2nd of Contracts §54, there are two types of contracts: unilateral, where acceptance is by performance, and bilateral, where there is an exchange of mutual promises and both of the parties have the rights and duties.

A contract is legally binding in a court law and an agreement between two or more parties. a contract can be written or verbal. A written contract is an agreement by two or more parties on a printed file that has been signed by both of the parties while verbal contracts are agreement which have been agreed by verbal statement. Written contracts are legally binding and it is easier to implement than verbal contracts. It is better that the business arrangements are in a written contract to avoid facing problems when you are trying to prove a contract existed.

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:

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.

Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.