Enforceability of Contracts on Third party

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).

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 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 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.

However, the following are the vital steps contained in each contract. Also, without them the contract would not be considered valid. First, an offer entails a statement by one party who is willing to make a contract under certain conditions keeping in mind that it shall be accepted. Second, acceptance gives a picture of the agreement to the terms offered. According to Rogers (2012), acceptance is considered valid when, (1) it is made by an individual to whom the offer was directed, (2) it is unequivocal, and (3) it is communicated to the offeror. Third, consideration encompasses the terms of the contracts between the parties. Therefore,

The assignment will provide detailed information using case laws and a report around the main elements of a contract. These case laws will include:

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.

Contract comes into existence when both parties (offeror and offeree) have agreed terms in negotiations. The contract becomes binding when there is an agreement from both sides. It is not effective until there is communication.

Whenever a contract is made with another party we always must make sure that the contract itself is valid so that when a problem occurs you are able to rely on it. In this case problem we will see how an oral contract can be categorized as valid or invalid. Some rules of laws that will be applied are the Statute of Frauds, the unilateral contract rule, bilateral contract rule, and promissory estoppel.

In special this contract, has all this requirements but it is still unenforceable because it doesn’t have so little elements that also make a contract enforceable. These are: the commencement date of the contract, party’s rights written in and not only the responsibilities, and party’s signatures and stamps.

In the paragraphs that follow I will address the issues such as evaluation of the contracts and decide if they will be governed under the common law rules or the Uniform Commercial Codes (UCC). The paper will also analyze the essential elements of an

Contracts are used in many different forms and for just as many different situations within our everyday lives. Some contracts are more involved than others and for some; contracts are an essential of their success. As we continue, we will take a look at different types of contracts with the main focus on enforceable contracts. With so many elements that are incorporated into any contract, the six essential elements of enforceable contracts will be the main focus of this writing. Having a clearer understanding of the essentials of life will help prepare us for life’s curves that may come our way.

Contract comes in a distinctive way like shapes & sizes or bond needs to set up by an individual who is making the agreement and should be recognized by the person who is marking the agreement and he/she needs to verify that a person who signed the agreement fulfills the conditions. It can isolate into two sorts, which are lawful or unlawful & oral or reported. In like manner law legitimate frameworks, an agreement (or casually known as an assertion in a few words) is an understanding having a legal item gone into intentionally by two or more gatherings, each of whom expects to make one or more lawful commitments between them.

Introduction: In this assignment I will go over a few legal terms in relation to contract law. I will also talk about a few precedents that help explain the law.