Content of a valid contract

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Table of content: 1.1 The importance of the essential elements required for the formation of a valid contract-explain (P1.1) A contract will be enforceable if it can satisfy some basic conditions. These type conditions are known as elements of essential for a valid contract. Every legal contract satisfies these conditions. Without satisfying these conditions a contract can’t be acceptable. That’s why for the formation of a legal contract satisfying the essential elements is very important. The importance of the essential elements to be a good agreement is described below: Offer and acceptance: Basically offer is a proposal. When the proposal is accepted by the person to whom the proposal is made, then it turns into a contract. To be…show more content…
It is the best of all the contracts The Mixture contract: A contract which is combination of both written and verbal is called mixture contract. In this type of contract, some criteria of written agreement and some criteria of verbal agreement are present. The Verbal contract: An agreement which has no written document is called a verbal contract. No legal documents are kept for this type of contracts. Every type of contract has some impacts. In this section, I have mentioned some impacts of a written contract: Not difficult to keep in mind Not difficult to recognise Can be proved easily Can be used as future evidence Reduces confusion and error The impacts of a Verbal contract are described below: It can’t be proved easily Difficult to keep in mind Increase the possibility of confusion and error Mixture: In this type of contract, there are also some possibility of confusion and error. So a written agreement is the best of all agreements. After all I can say that, since written agreement possesses some especial criteria, everybody should use this form of contract. 1.3 With reference to their meaning and effect, analyse the terms in contracts (P1.3) Three type of contractual terms are condition, innominate term and and warranty. Basically contractual terms are two types such as warranty and condition. Condition: An event, action or
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