Contract Agreement For A Contract

1001 WordsJan 23, 20175 Pages
Everyone will have to sign a contract at some point in their lives whether it is for rental, purchase or lease. Most will not read the specific details of the contract which could lead to circumstances of breaching the agreement. This paper will give an example of an apartment lease contract which I, Ivory Polk have entered into with Chelsea 88 Apartments. I will provide some specific contractual details within the contract. I will also include the five essential elements of an enforceable contract and show how it correlates with my contract example. We all should become aware of all the details within any contract we sign to prevent any possible breaches and to allow ourselves to enter into a fair and responsible situation. Some of the…show more content…
An offer is a request from one party to another to begin a contractual obligation. An offer also indicates a desire to be tied in by the agreement with the acceptor. An acceptance is to agree to the conditions set forth in the contract. The action of acceptance produces the contact. We then need to have consideration which has to be received as stated in the contract. Consideration is the notion of legal value which can be in the form of money, services, or items, just to name a few. Furthermore, we have legality which means all aspects of the contract must be legal. The legality of the contract must be consistent with the law. According to FindLaw 's State Laws, a website of state-specific laws, “When someone agrees to rent or lease a property, they sign a lease or rental agreement outlining the terms of the agreement. It is a legally binding contract between the tenant and the landlord that details the rights and responsibilities of each party. When either party violates the terms of a valid rental agreement, then the aggrieved party may seek relief in civil court” (2016, para. 1). This statement identifies the importance of legality of a contract and specifies possible remedies. The last element needed for an enforceable contract is capacity. Both parties must have the legal capacity to be tied into a contract which includes sound mind and age appropriate. It is important that both parties have the capacity to understand the
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