Entering A Agreement Binding Agreement

* Minors are defined as individuals under the age of majority to contract. This is the age at which a person is entitled to the management of his/her own estate (18 in most states).

The law of contract requires that there must also be evidence of an intention to create legal relations between the parties. However it is usually held that the decision is against the intention for an agreement domestic in nature to be legally binding, such as in the case of Cohen v Cohen where an agreement between family members that may be morally binding will not necessarily create a lawfully binding contract. However there are exceptions to this. When both parties show an intention to enter a legally binding arrangement and it would be unreasonable for one party to revoke their decision, the arrangement holds evidence of a possible contract.

Both parties must be bound.” Both parties must be required to perform under the contract, “in other words, it must be enforceable originally, or not at all.” Sayres v. Wheatland Group, L.L.C., 79 Va. Cir. 504 (Va. Cir. Ct. 2009). As stated by The Circuit Court of Fairfax County, Virginia "if it appears that one party was never bound on its part to do the acts which form the consideration for the promise of the other, there is a lack of mutuality of obligation and the other party is not bound." Busman v. Beeren & Barry Invs., LLC, 69 Va. Cir. 375 (Va. Cir. Ct. 2005).

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).

Explain why it is important to have an intention to create legal relations when making a contract and why is consideration of the parties to the agreement necessary-:

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.

When it comes to commercial transaction, it is generally presumed that the contracting parties must have the intention to create a legal binding contract. This simply means that if the parties signed a contract for business related activities, then in case the other party fails to fulfill the contractual provision then the other party will be able to sue the other party.

There are many ideas about the correct basis for contractual obligation. They include promise, consideration, and cause. All jurisdictions follow at least one. In Thomas E. Davitt’s The Elements of Law, the author articulates a very credible argument for the basis for contractual obligation being one of those named above. Davitt simplifies the arguments for all of these and names one correct basis: the promise itself. Generally Thomas E. Davitt, S.J., The Elements of Law, 272 (1959). This paper will argue in favor of Davitt’s writings. The basis for contractual obligation is the promise itself. In order to effectively argue in favor of one basis over the possible others, it is necessary to discuss and rule out the others.

Outside the United States, the situation is similar. In China, the government provides detailed regulations for contracts made by minors. According to Chinese Contract Law, ‘The party shall, when making a contract, have corresponding capacity for civil rights and civil conduct’ (Article 9, Contract Law for PRC). Minors are considered as adults only if they reach 16 years of age and make a living on their own. In South Africa, a minor is a person who is under 16 years of age, which is different from China and U.S.

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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:

Legally-binding forest agreements have failed due to the inability to reach consensus on a wide range of objectives. Unable to agree on objectives, global forest treaties and negotiations since 1992 have become non-binding with strong opposition. Though hundreds of negotiated proposals have been raised, conflicting negotiations prevent the establishment of agreements due economic concerns and the multiplicity of unclear objectives. Mackenzie suggests that the repeated failure to generate legally-binding agreements by international parties results from issues that are too complex to be resolved by a single instrument (251). As such, there are “18 international treaties which relate to forests” (250), that attempt to address smaller components of these large issues, yet there are none currently in place that are

Contractual agreements are supposed to be consensual, and freely entered into by the parties involved. Therefore, ‘before a court enforces a relationship as a contract, the courts must have a reasonably certain basis in fact to justify binding the parties to each other.’ (St. John’s Law Scholarship Repository, no date). Resolution of whether a contract was intended to be legally binding is not determined by what the parties themselves thought or intended. Rather, a more objective stance is taken by the courts. This is known as the objective theory of contract, and essentially enables ‘the courts to look at external evidence (what the parties said and did at the time)’ (Poole, 2006, p. 34), as to objectively indicate the parties’ intentions

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

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.