Questions On Common Law Assignment

A contract is formed when an offer by one party is accepted by the other party. Consideration is the price paid for the promise of the other party. The price must be something of value, although it need not be money. Consideration may be some right, interest or benefit going to one party or some, losses or responsibility given, suffered or undertaken by the other party.

Furthermore, the agreement, is where the actual contract is offered and accepted by two parties (Cheeseman, 2010). The consideration is the legal form of payment or exchange within the contract such as money, property, or provision of services (Cheeseman,

The offer was made with the intention to create a legal contract that protects all sides of the bargain.

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,

Mutual assent and consideration go together so this paper will argue against them together. Mutual assent is the idea that all the parties in a contract know what they are contracting to and agree to it. As defined in Charles S. Knapp, Nathan M. Crystal, and Harry G. Prince’s Problems in

The buyer and the seller must each exchange something of value, which is referred to as consideration. In the case of the a

There must be consideration for a contract to be enforced by the court. According to the Restatement 2nd of Contracts §71, to constitute consideration, a performance or a return promise must be bargained for. Furthermore, for there to be consideration, there must be either a benefit to the promisor or a detriment to the promisee (see Hamer v. Sidway).

In order for a contract to be considered valid four elements must be present, 1) Agreement 2) consideration 3) contractual capacity and 4) legal object (Kubasek, N. 2011 pgs. 304/305).. In Sam’s case of his invention, the first element, Agreement, certainly exists. Sam had made a verbal “offer” to deliver one thousand units to the chain store, and the stores letter to Sam demanding delivery of the product can be considered an acceptance of his offer. The second element of a contract is the consideration or the bargained for exchange under the contract (Kubasek, N. 2011 pg. 343). While one might assume that in this situation each party had agreed to exchange something for others services, there is no evidence

Consideration is a promise or performance that the promisor demands as the price of the promise. Past consideration is something that has been performed in the past and which, therefore, cannot be consideration for a promise made in the present. Promises made to another based on moral obligation lack consideration and are not enforceable. Services performed by one family member on behalf of another family member are presumed to have been rendered in obedience to a moral obligation without expectation of consideration. An example of past and moral consideration would be the hypothetical we are discussing. A binding contract does not exist between Gerwin and Baker because the element of consideration is missing. The consideration for Gerwin's

| D.  consideration in a sales contract may be modified as long as additional consideration is provided

for it to qualify as a proper contract in the eyes of the law: offer

Consideration can be classified as one party expect to get benefit from other according to the act performed by parties with a contractual deal. The benefit can be something valuable such as product or service and not only the money. It can be divided into 3 type of consideration which is executed, executor and past consideration. Executed consideration defined as when the promise carried out and thus the act has been carried

Consideration – a requirement to form a contract; typically one party makes an offer for a service and another party accepts this service in exchange for monetary compensation.

The first element of a valid contract would have to be the offer. You can’t have an contract with a having something to offer to another partner. An offer is when one party

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.