Comment on the essential elements of a valid contract and the importance of each.

There are particulars to a contract which structure its existence. This includes the importance of terms within the contract, the freedom of contract, statements that do not become part of contract, and terms of contract.

Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship.

An acceptance of an offer is “ a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.

P1.1 explain the importance of the essential elements required for the formation of a valid contract

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.

The assignment will provide detailed information using case laws and a report around the main elements of a contract. These case laws will include:

Simon, the manager of the damaged Burger Ranch, inspected the tree, was satisfied with the tree, initialed the receipt, and paid the $150 for the tree. These facts definitively imply that the buyer did accept the goods after he had a reasonable opportunity to inspect it and then made the judgement that it conformed to their satisfaction, therefore legally accepting the goods.

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).

would give 100 £. The company then deposited 1,000 £ in a bank to show

Besides that, goods on display is an invitation to treat and it is not an offer. (Pharmaceutical Society of Great Britain v Boots Cash Chemists (Southern) Ltd［1953］ 1 QB 401)

In BROGDEN v METROPOLITAN RAIL CO it was held the railway company had accepted by placing orders since the amendment of the document, and in TRENTHAM LTD v ARCHITAL LUXFER the court used the 'reasonable man' to identify whether or not there has been acceptance. Both cases seemed to have reasonable outcomes; therefore the courts had been provided with satisfactory rules to help them reach a appropriate verdict. There are various different rules regarding acceptance. There must be a communication of acceptance from the offeree to the offeror. The case of YATES BUILDING v PULLEYN deals whether there had been a prescribed acceptance or not. It was held that there was no practical difference to the offeror therefore the acceptance method was binding. However in the case of ENTORES LTD v MILES FAR EAST CORPORATION there was no prescribed acceptance, yet it was held that the contract was formed in England as that was there acceptance had been received by telex. Other rules that can be used to decide whether there has been acceptance include a waiver of communication of acceptance; silence, which isn't a valid acceptance; ignorance, generally there isn't a binding contract; and acceptance via post using the postal rule. The postal rule can often be misused, as it states that a contract has been formed as

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.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.

In the above case for a contract to take place there must be an offer

The first element of a valid contract would have to be the offer. You can’t have an contract with a having something to offer to another partner. An offer is when one party