Contract Law Assignment : Contract Laws

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.

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.

Generally in contract writing, there are six basic contract elements (The Law Handbook, 2010). The first is that both parties must have the capacity to enter a contract. There must be an offer and then acceptance. There needs to be

They went ahead to confirm their verbal agreement by paying an amount that partly makes them show desire to purchase the automobile. In return, with mutual understanding the salesman keeps the car and calls them to confirm if the purchase would be completed. A contract that is legally binding does exist here. There are factors in this scenarios that show a legally binding agreement is in existence.

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.

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.

What is a contract? A contract is a formal agreement with two parties that need to come

There are numerous different laws related to sport, at both a professional and amateur level. There are not only rules that must be abided by those participating in the sport but also the coaches and spectators. For professional athletes, there are strict laws regarding the contracts and the terms and conditions. In regards to sport, in particular contact sports there are specific Tort laws, (conduct that harms other people or their property.) Drugs in sport is an ongoing issue for Law, there is the constant battle of athletes using banned substances and drug testing authorities attempting to identify and find banned substance.

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:

Ted sold his textbook to Rob. I consider this an express oral contract. At some point, Ted must have expressed that he wanted to sell his textbook, prompting Rob in return to accept the offer of the book from Rob. In a express oral contract there is an exchange of promises in which the two parties agree either orally or in writing, or a combination of both, at the time it is

Defined by MacQueen and Thomson, a contract is: “… an agreement between two or more parties having the capacity to make it, in the form demanded by law, to perform, on one side or both, acts which are not trifling, indeterminate, impossible or illegal." . While drunk on a stag night out in Glasburgh, Ben bought a 1970s London-style Routemaster for £57,000. Which on the following morning he said that did not mean to order the vehicle, but Colin (the seller) insisted on the deal. To determine whether the contract will stand between Ben and Colin, as defined by MacQueen and Thomson, the essential features of contract formation, together with the intention to create legal relations and his contractual capacity will need to be examined.

First, it has to be understood what is necessary for a contract to be legal, and then the determination has to be made whether John and Anton's verbal contract met those requirements. Australian contract law looks at oral contracts with the same degree of obligation on the part of the contractors as it does a written contract in most instances. Maritime insurance must be contracted via a signed agreement as must most contracts where land is exchanged (Fifoot's Law of Contract). This varies somewhat according to jurisdiction, but most Australian jurisdictions show no distinction between written and oral contracts. For either type of contract to be legal, it has to follow the six rules of contract: "Agreement where one party makes an offer and the other accepts it; Consideration where one party gives something in exchange for something from the other party; Intention where both parties intend to abide by the contract; Capacity where both parties are mentally capable of understanding the contract; Genuine consent where both parties agree to the contract of their own

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.