Essay about Interim Report

University of Phoenix Material: Elements of a Contract Scenario Read the Elements of a Contract Scenario.

There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract.

a) Alan wants to know the five requirements in order to make a valid contract.

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-:

A contract requires four elements to be valid. Essential elements in any contract include the following: agreement, consideration, legal ability, and a legal object (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). The agreement includes the offer made to the other party who then agrees to enter into the contract. The consideration includes the exchange each party receives as a result of the contract. The legal ability is capacity one has to enter into a legal contract. The legal object is the legality of the contracted issue. These elements together create an effective, valid contract.

In regards to the issue between Mr. Stevens and the chain store, various elements must be present to prove that a valid contract exists. The four elements to a contract are: agreement between the parties, consideration, contractual capacity, and finally, legal object (Kubasek, Browne, Giampetro-Meyer, Barkacs, Herron, Williamson, & Dhooge, 2011).

P1.1 explain the importance of the essential elements required for the formation of a valid contract

Mead & Hampson (1996) developed a study involving the divided visual field paradigm and a phonological rhyme/non-rhyme task to test the speed and accurateness of either side of the brain. This study was used to investigate functional asymmetry between the left and right hemispheres in phonological processing. The research was taken out equally on 15 male and 15 females London Metropolitan University students ranging from ages 18 – 35 years old. They were all specifically chosen to be right–handed and had English as their first language thus providing a fair experiment to see whether our left hemisphere (left side of the brain) or the right hemisphere is faster and more accurate. In conclusion using the mean and standard

The second requirement that needs to be fullled by the parties in the contract is the

Due to the different roots of the two systems, the definition of a contract, as well as its formation, differ between contract law in Common Law Jurisdictions and in Civil Law Jurisdictions (France). The Common Law views contracts as bargains, exchange, a simple agreement has no binding force. It is mainly concerned with forecasting the impact and the binding legal consequences of a party’s promise. The structure or purpose of the contract is not as important as knowing whether the promise of performance that the contract is based upon is enforceable.

The relevant rules are every simple contract must be supported by consideration, a promise to fulfil the terms of a contract is not always good consideration, and the rule that an agreement that is commercial in character can amount to a binding contract

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.

The legal aspect of every contract in business requires critical analysis for every term in accordance to the specifics upon which both parties are involved. The reason for analyzing such terms carefully is because it can become a crucial part in determining the decision making when addressing any business problem. This is generally more important from the perspective of the company management because some situations can result in high intensity and significance for the company. Analyzing the terms of a contract will help avoid any inappropriate or insufficient conclusions when presenting a final resolution in times of a dispute.

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.

Using different types of sources an explanation to the basic principles of contract law and how they apply. From doing this there will then be an explanation to what extent standard forms of contract are special types of contract. Contract that has been chosen is the JCT 2005 standard from of contract with quantities.