Contract Law Is A Legal Agreement

An offer consists of the element of promissory. This means that there must be an undertaking or promise to give or do something. This is shown in the Placer Development Ltd v Cth case, where the Commonwealth agreed to pay a subsidy to timber importers an amount of money or interest rate that is determined by the Commonwealth from time to time.

An offeror will have made an offer where it appears to a reasonable person in the position of the offeree that an offer was intended.

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.

Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.

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.

Offer – to form a contract there must be an offer by one party. It is a definite and clear statement of willingness to be bound on stated terms without further consultations. Offer can be in written or oral form but it is not effective if it is not being communicated to the offeree.

An offer is defined as: The manifestation of willingness to enter into a bargain, so made to justify another person in understanding that his assent to that bargain is invited and will conclude it (pg. 493). The parties to an agreement are, the offeror and the offeree. The offeror is the party making the offer, and the offeree is the party receiving the offer to enter into an offer. Basically, the offeror promises the offeree

A contract is a legally binding agreement between two or more persons that is recognised by the courts. In order for an agreement to be legally binding there are certain criteria that have to be met. One of these criteria is capacity. The majority of us have the capacity to form a legally binding agreement, however certain categories of people are limited by law to make contracts the main categories are minors, people judged incapable of contracting due to mental disorders, drunkenness or under the influence of drugs.

A contract is an agreement between two or more parties that the law recognises and will enforce in necessary. Contracts are essential to commerce and business and are also a fundamental part of our daily lives.Businessess inter into contract individuals, other businesses and governments to by and sell goods, services and intellectual property. Contracts can be written, verbal, express or implied. now many of the contract we enter into are verbal, because of this, many people are often unaware they are entering into legally biding contracts. many of the common law principles upon which contract law is based were developed in the 19th centuty, one of the principles that People intering a contract should have the right to include in it whatever they wish to negotiate the best possible bargain, complete freedom to contract. However, as modern life become more complex, it has become evident that not everyone has full and free options when entering into a contract, practical exemple of this include our dependence on services such as plumpedwater supplies, electricity

An offer is an invitation or proposition to engage in business for mutual benefit. While no specific legal language is required to make the contract valid, the language that is presented must be specifically chosen to convey the intent of the proposal (Rogers, 2012). Second, there must be an acceptance. As Craig Smith says it, acceptance is a "manifestation of willingness to be bound by the terms of an offer" (Smith, 2015). Acceptance exists any time someone agrees to engage in business under the terms proposed. The third aspect is consideration. Consideration comes in many forms, but includes the exchange of mutual values (Rogers, 2012). The buyer provides consideration to contracts generally by exchanging money, what most sellers want from the transaction and the cornerstone of all business activity. The seller provides consideration in the form of goods or services that the buyer is willing to buy (Rogers, 2012). The next essential element of contracts is legality. To be recognized and enforceable, the elements and terms of the contract must be legal and cannot be based upon the performance of illegal activity (TFD, 2015). Finally, a valid agreement requires capacity. To enter a contract, one must be at least 18 years old, of sound mind, and competent to perform his or her duties, including an understanding of one's future obligations (TFD, 2015). While a preliminary version of mutual consideration has been discussed, no

For there to be an agreement, the elements of offer and acceptance need to be properly satisfied. H offers to deliver the timber for $90,000, which then becomes binding when J accepts this offer by promising to pay the sum total of $90,000 for the timber, which is unqualified acceptance (Lawbook, 2006, 7.1.370). The offer is communicated and accepted by word of mouth (Felthouse v Bindley). Therefore it can be concluded that there is sufficient offer and acceptance between H and J for tha agreed additional $30,000.

Offer is the promise made by the offeror. Generally, advertisement is the invitation to treat. Invitation to treat is different to the offer, so the advertisement is not an offer. (Partridge v Crittenden［1968］ 1 WLR 1204)

An offer is a clear indication by one person to another person of the offeror’s willingness to enter into a contract with the other person (the offeree) on certain stated terms upon acceptance of the offer by the other person. There is an offer because it is not a statement of intention, mere supplying of information, invitation to treat or mere puff. The offer was addressed to all Contracts Students.

A contract (according to Gibson 1997) is a lawful agreement made between two or more persons within the limits of their contractual capacity, with the serious intention of creating a legal obligation, communicating such intention, without vagueness, each to the other and being of the same mind as to the subject matter, to perform positive or negative acts which are possible of performance.

An offer is a promise to act or renounce from acting which is made in exchange for a return promise to do the same. Some offers expect not another promise being returned promise to do the same , Some offers antedate not another promise being returned in exchange but the performance of an act or forbearance from taking action , for example a painters offer to paint someone’s house for $100 is probably conditioned on the homeowners promise to pay upon completion while a homeowners offer to someone $100 to have his or her house painted is probably conditioned upon the painters successfully performing the job , In either case an offerees power of acceptance is created when the offeror carries a present committed to enter a contract in certain and definite terms that are connected to the offeree.