Formal And Acceptance, Bid, Advertising And Public Offer And Termination Of An Offer Essay

The other element of agreement is acceptance. An acceptance must be made on the same term as the offer and can only made by the person who the offer is addressed to. Meanwhile, an acceptance must be made while the offer is still in existence and it must be made in an acceptable form which means that the acceptance must be made in the same manner of the offer was offered. Lastly, the acceptance is effective when communicated.

Contracts are an important part of everyday life. They are an essential part of business. As a student of a business law class, I will discuss in this paper several aspects of contracts. This paper will give a definition of a contract and the essential elements necessary to form a valid contract. It will briefly discuss breach of contract and the difference between a material breach and a nonmaterial breach of contract. Examples of legal and equitable remedies available for breach of contracts will be highlighted. Also, legal excuses for nonperformance or other grounds for discharge of contracts will be addressed. Finally, three types of common contracts personally and professionally encountered will be mentioned.

There are six elements to determine if there is a legally binding contract between the offeror (Elvis Eggplant) and offeree (Mr. Manfredi). Elements for a legally binding contract are intention, agreement, consideration, legal capacity, genuine consent and legality of objects. Based on the information given in this case Mr. Manfredi and Elvis Eggplant have entered into a legally binding contract. Both parties had the intention to agree for a legally binding commercial contract. Mr. Manfredi accepted the offer from Elvis and paid money to buy the café.

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,

P2 EXPLAIN THE LAW IN RELATION TO THE FORMATION OF A CONTRACT IN A GIVEN SITUATION

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

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.

The offer and acceptance model is flawed- only an agreement is necessary. In order to fully comprehend this statement, we must first establish what constitutes and offer and what constitutes acceptance. “An offer is a statement by one party of willingness to enter into a contract on stated terms, provided that these terms are, in turn, accepted by the party to whom the offer is addressed”. Acceptance is “…an unqualified expression of ascent to the terms proposed by the offeror”. The “Offer and acceptance model” is based on the court’s adopt the “mirror image” rule of contractual formation. Applying the definitions stated above, we can take this to mean that there must be a clear and unequivocal offer which must be matched by an equally

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

Under Common Law, for a contract to exist, three elements must be present: an offer, an acceptance and a consideration. The notions of offer and acceptance under Common Law are not fundamentally different from those in French contract law, although their effects may differ. The offer indicates the willingness of a party to enter into a bargain, and the acceptance reflects the agreement of the other party to the offer.

In terms of business, contracts are really important, they are an agreement between two or more parties to provide a product, perform a service, or commit an act. There are many different types of contract which have different terms and conditions. These terms and conditions are always enforced by law and breaking them can result in actions such as financial penalties. Some examples of different business contracts are; partnership agreement, bill of sale, independent contractor agreement, and property and equipment lease. In this short essay, we will take a look at an article addressing a type of contract, then give a quick summary of the article, and finally offer up recommendations relevant to the article.

An offer is an expression of willingness by one party to contract on certain terms with another party with the understanding that the contract will become binding when accepted by the person to whom it is offered. An offer may be made in different ways, such as in a letter, an email, or even your behavior, so long as it conveys the basis on which the offering party is willing to contract. An offer should consist of: (1) a statement of present intent by the offering party to enter into a contract; (2) a specific proposal that is certain in its terms; and (3) a communication that identifies the person to whom the offer is made. If any of these elements are not present, an offer has not been made. (Walker, C. B., 2012)

In contract law, the definition of an offer is a promise in exchange for performance by another party. Therefore, an offer will be cancelled or terminated under particular conditions. In the same way, an offer also must be a very clear , unmistakable and directly approach to another party to a contract.

An offer is the first and foremost element of a contract, proposed by the Offeror. It is an expression of willingness to form a contract on certain conditions/terms, formed with a purpose that it shall become a binding once accepted by the person to whom it is addressed i.e. Offeree. The procedure of offer and acceptance might take in three different ways:

2This article describes one of the best elements of contract called consideration and on what extent consideration is valid or not. Thousands of years ago people use barter system to exchange goods and services to meet their needs without any special law than invention of currency make it easy to exchange goods, eventually the law makes it valid and more reliable. There are six elements in which the parties are generally bound to do something in future such as Offer and Acceptance, consideration, intention, invitation to treat, Legal capacity. Consideration appeared in 1916 and become one of the basic and essential elements for the development of contract. Consideration is nothing but an enforceable agreement where a promissory promise to exchange or to do something in future and promisee accept to perform such act in return and the parties intend to bind through agreement. The question arises that whether the consideration is legally valid or not under some conditions. Consideration could be small or long, good or bad. Earlier nominal consideration was adequate in contract. It does not matter that the consideration having the same values or same benefit. The courts uses sufficient consideration while setting the disputes or making the decision. Where there is money, payment and exchange of goods is involved, consideration considered to be more valuable. Contracts are frequently exercise commercially such as construction, purchase and sale of property, monetary assistance,