Essay about Contract Law

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Contract Law A contract, by definition, is an agreement by two or more parties, which is intended to be legally binding and supported by consideration. All contracts must have these three elements present for it to qualify as a proper contract in the eyes of the law: offer and acceptance, consideration, and intent to create legal relations. First, we will examine the first part of what constitutes a contract, the offer and acceptance. An offer is a statement said from the offeror to the offeree stating that he would like to formulate a contract between the two parties. The offer must include something specific, and which has value, either monetary or otherwise between the parties. An offer must…show more content…
An agreement is not enforceable unless the parties intended it to be legally binding. For contracts to be binding, they must adhere to this rule. This is because contracts are very serious business, and one must not go into them fool heartedly. There are however presumptions regarding this element. First, it is understood that domestic agreements cannot have intent to create legal relations, unless expressively said. Families are an institution and they must be kept sacred and not be bothered with the legalities of court proceedings. There are however some exceptions to this rule. For instance, the case of Merritt vs. Merritt shows that there could be intention if both parties expressively showed it. Since the husband signed the paper that contained the terms of the contract, this was deemed to be legal, and thus a contract between the two was formed. This was done when the husband signed the paper promising what he had said. It is also understood that in a commercial agreement, the intent is automatic. This is evident in the case of Carlill vs. Carbolic Smoke Ball Co. In an advertisement, Carbolic Smoke Ball Co. stated that if anyone caught the common cold after buy and using the smoke balls as directed, they would give 100 £. The company then deposited 1,000 £ in a bank to show their seriousness. Carlill used the product and was not cured, then sued the company. The company's

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