NVQ ERR WORKBOOK

The are five elements to an enforceable contract. One of the elements is an offer and the party’s acceptance. (Matt and Fleming, 2012) The contract is extended to a party and after consideration, the party accepts. The offer has to be distinguishable and clear. The offer is considered a definite promise that is to be honored by both parties. (Matt and Fleming, 2012) There is an opportunity for an individual to withdraw from a contract before it is accepted.

Contracts are a legal agreement between two or more parties that provide details of their rights. Thus, some business contracts can be very complex, therefore, it is important that the parties have someone who is familiar with the law to inspect the documents before signing them. Normally, contracts are composed of an offer, that details terms and conditions that must be met. Moreover, if the terms and conditions are not met per the contract, there can be legal ramifications that follow. Ultimately, contracts are legal agreements that provides details about what is expected from each participant so that there are no misunderstandings in the future (Summers, 1969).

A contract is characterized by five vital elements to be considered as a contract. If any article is missing, the contract will not be lawfully viable. These are discussed below.

Following are the various ways in which the terms and conditions of a contract of

For the purposes of this report, I have focused on three standard forms of contract as set out below and have assumed that no amendments have been made in order to manipulate the contractual provisions;

The terms written in the statement above are considered to be unnecessary, or more precisely irrelevant. This essay will discuss how these words, instead, are important as contractual terms through explanations, definitions and examples. A contract is an agreement made by two different parties made through a promise granted by the law. A contract can be of two types or better, of two forms. The first one is the formal written contract also named specialty contract. The second one is the simple contract which is informal and is not written but made with any means (written or oral). When a contract is made there is an agreement that is

A contract is a valid or legally binding agreement between two parties. Contract is also said to be as a set of promise which the court and law will enforce it. Not all contract need to be presented in written form. A written contract is normally drawn up by listing all of the terms agreed between two parties . Furthermore, these two parties will need to sign and date the document at the end. In order to form a contract, there are six important elements required. This includes offer, acceptance, consideration, intention to be legally bound, capacity to contract, as well as legality of promises.

Contract is an agreement that enforced by law under the section 2 (h) of Contracts Act 1950. It can be in written or verbally at least it fulfils the seven elements which are offer and acceptance, certainty, intention to create legal relations, consideration, legality, legal capacity and free consent.

A related point to consider is that, Recital 9 of the CRD has identified three different types of contracts, including: distance contracts, off-premises contracts and contracts other than these two sorts of contracts.100

the prerequisite that a settled term contract must be in composing and must determine the motivation behind why the term is altered; and

Contracts come in three different classifications: bilateral vs. unilateral, formal vs. informal, and express vs. implied. A bilateral contract is a promise for a promise, where as unilateral is a promise for an act. A formal contract requires the creation of said contract to be in a special way, and informal does not require this. Finally, an express contract is a contract formed by words, but an implied contract is formed by the conduct of the parties.

1. An agreement must contain two or more parties, an offer, acceptance, intention to create legal relations and consideration these components commit both sides to the terms and conditions.

A contract is any legally binding agreement that is made between two parties. In the legal system an agreement must be between two people or more parties whereby the agreement must be entered voluntarily. In the agreement a lawful object must feature in and should create legal obligations which may either be one or more between the parties coming into an agreement. In the legal system, for a contract to become, it must involve two elements which are namely offer and acceptance. Therefore, the contract elements of offer and acceptance must be conducted by two proficient parties or people who have got legal aptitude. This is to ensure that the parties involved exchange deliberation in order to arrive at a

The first element in a valid contract would be offer. An offer or an agreement needs to be in contract because without offer there is no contract. In the Contracts Act 1950 the first elements is an offer.

The terms of a contract refer to the obligations of the parties entering into the contract. These terms are the contents of the contract, which determine the parties’ rights and obligations. Consequently, the law classifies the terms in two ways. Firstly, the law can look at the terms according to the consequences of breach involving the nature of each term as a condition, warranty or innominate. Secondly, they may investigate the method through which the terms got into the contract, explicitly or implicitly. Courts have the option to examine these two methods to reach an understanding of the obligations of each party in the contract breached by one party.