Disadvantages Of Written Contract

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.

The area of law to be discussed would be implied 'terms of a contract which are not agreed by the parties.' They are terms which are related to 'contingencies which might affect the contract of employment in this case.' This is what 'parties intended but left unwritten in the gap of a contract.' There are five conditions by which a contract would be satisfied before a term would be implied. They are 'reasonable and equitable, necessary to give business efficacy so no term will be implied if

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

Contract law has set out to provide a healthy trade environment. Contracts are promises enforced by the law, with the support of something of value that has a legal purpose. It is an agreement between parties, formed by the elements: offer and acceptance, with all parties having the capacity to perform obligations enforceable by law. There are instances where the enforcement of a contract would bring about gains or losses to society and commerce.

A contract is a promise between two or more parties that the law recognizes as binding by providing a remedy in the event of breach. In order for a promise to be enforceable it must be supported by consideration. Consideration can be defined as a bargained for exchange between the promisor and promisee; a promise can not be considered a contract without consideration. Common law states also require mutual assent to exist for a contract to be enforceable, this means that there must be an offer and an acceptance of said offer. For example, if a promise is made between two consenting people and one of those

A contract is an agreement between and offeror, and an offeree, that can be enforceable by a court of law or equity (Cheeseman, 2010). A contract consists of the following elements; agreement, consideration, contractual capacity, and lawful object. Understanding each of these elements is of the utmost importance to ensure that each party involved has a good understanding of what is expected from one another.

Give an example of each of the two types of contracts. Explain which type of contract is used in your organization. (If you are not currently employed you can give a hypothetical example or an example from your experience).

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

A contract is an arrangement between two or more parties that creates rights and obligations to each party. The essential parts of a contract are as follows:

A contract is an agreement made with an intention of legal rights and obligations which the law will enforce. It contains the agreement, consideration and intention. It also have some other things to consider, like capacity of parties, genuine consent or legality of object.

Implied terms of employment are terms, which are not identified between an employee and employer, these are broad terms, of which there are 4 types. These are Terms implied in fact, terms implied by custom or practice, terms implied by law, and terms implied by statue. Terms implied in fact usually used to make logic of what was written down in an employment contract

The contract in English law enhances principle of freedom of contract. Indeed, the terms of the contract is freely determined and agreed by the parties. However, there are various circumstances in which additional terms may be implied into the agreement. The aim of implied terms is often to provide a supplement to a contractual agreement in the interest of making bargain more effective, to achieve fairness between the parties and to alleviate hardship.

Implied terms are terms that are assumed and expected to be carried out. They do not have to be communicated since it would be reasonable to assume that both parties are aware of them. To put this into context let’s take the example of the man at the restaurant. He orders his meal, eats his meal and then walks out the restaurant instead of paying at the end. He claims he was never asked to pay, so he doesn’t need to. He is in the wrong since it is an implied term that after a meal the customer must pay the restaurant for their order. If he walks out without paying he is breaching the contract and breaking the law. The restaurant are entitled to sue for damages and use the law against the customer.

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.

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.