Ch 9 Business Law

A’s promise to B can only be enforced by B if B has given consideration for that promise;

A contract is a promise between two or more parties that the law recognizes as binding by providing a remedy in the event of breach. In order for a promise to be enforceable it must be supported by consideration. Consideration can be defined as a bargained for exchange between the promisor and promisee; a promise can not be considered a contract without consideration. Common law states also require mutual assent to exist for a contract to be enforceable, this means that there must be an offer and an acceptance of said offer. For example, if a promise is made between two consenting people and one of those

The offer was made with the intention to create a legal contract that protects all sides of the bargain.

There are many ideas about the correct basis for contractual obligation. They include promise, consideration, and cause. All jurisdictions follow at least one. In Thomas E. Davitt’s The Elements of Law, the author articulates a very credible argument for the basis for contractual obligation being one of those named above. Davitt simplifies the arguments for all of these and names one correct basis: the promise itself. Generally Thomas E. Davitt, S.J., The Elements of Law, 272 (1959). This paper will argue in favor of Davitt’s writings. The basis for contractual obligation is the promise itself. In order to effectively argue in favor of one basis over the possible others, it is necessary to discuss and rule out the others.

P2 EXPLAIN THE LAW IN RELATION TO THE FORMATION OF A CONTRACT IN A GIVEN SITUATION

A contract comes into existence with the initiation of an offer made by one party, which in turn should be ‘accepted’ by the other party. The element of offer and acceptance thus initiate the legal process of the formation of a valid and binding contract. The significance of acceptance with respect to the contract laws stems from the fact that the proposed offer must be accepted by the promisee and forthwith be communicated to the promisor. Together offer and acceptance create a promise which can

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.

__F___ Wendy offers to pay Jose $1,000 if he agrees to promise to paint her house this month. If Jose accepts the offer, it will create a unilateral, executed contract.

In consideration of the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

“A contract is a legally enforceable promise.” Lau, T., & Johnson, L. (2013). When people buy cell phones these days, they understand that they will be entering a legally enforceable promise.

Once a condition is triggered, the code will run automatically without any interference, which means agreements or promises could be fulfilled unconditionally. However, unlike contract law with underlying principles or doctrines filling the gap of legal prose to enforce agreements or promises, smart contracts lack such underlying unifying principles to satisfy the

Professor Treitel defines the term offer as an offer can be defined as expressing a willingness to create a contract based on certain terms. This offer is made with the understanding that it will become binding as soon as the offeree accepts it; it essentially means in order to establish a legally binding contract between two parties, there has to be first an offer made by one party and acceptance from another party or parties, meaning that both parties have the same element of intention to establish a legally binding contract between them, this is known as ‘the mirror image rule’ the offer and acceptance both have to both match.

NOW THEREFORE, in consideration of the promises contained herein, intending to be legally bound hereby, the Parties agree as follows:

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.

Secondly, within this case study we aim to evaluate the validation of Charles, Charlotte and Emmas communication’s of acceptance, had the advertisement been deemed a traditional offer. In accordance with this issue, it is important to note the crucial difference between a unilateral and traditional contract. A traditional contract (also known as a bilateral contract) is one in which both parties make promises to carry out certain acts, whereas, (as stated above) a unilateral contract involves a promise made by only one