Questions On Forming A Contractual Relationship

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.

A contract is a promise between two or more parties that the law recognizes as binding by providing a remedy in the event of breach. In order for a promise to be enforceable it must be supported by consideration. Consideration can be defined as a bargained for exchange between the promisor and promisee; a promise can not be considered a contract without consideration. Common law states also require mutual assent to exist for a contract to be enforceable, this means that there must be an offer and an acceptance of said offer. For example, if a promise is made between two consenting people and one of those

A contract is a legal document that states and clarifies a formal agreement between two different people or groups. This implies that an agreement between parties must have a strong backing by law. The following are therefore required for a contract to be mandatory for all participants involved. These elements in a contract prove whether the contract is regarded credible or not credible: The objective is to build a legal relationship, offer and acceptance, consideration, capacity to contract and legality.

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,

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

Contracts are an integral part of our everyday life and play as important role in our personal and business lives. In order to deal effectively with promises provided in the business world, a legal framework is needed. Basically, a contract is a promise or set of promises, for which the law provides a remedy if a party breaches or failing to perform. In order to form a contract, four basic elements are needed: an agreement, bargained-for consideration, legal capacity to enter into the contract and a legal purpose consistent with law and public policy. The case Michelle M. Nichols v Century West, LLC et al. below described how the contract is important in business and the promises enforceable in court.

Every contract is based on the concept of agreement. A contract is defined as a legal agreement consisting of exchange of promises which is recognized by law as giving rise to enforceable rights and obligations. The test of agreement is used to ensure whether or not there is a contract between the parties. Whereas the objective test ensures certainty, the same cannot be said about the subjective test of agreement. The objective test of agreement is when the court decides whether there is contract based on the outward appearance of what constitutes the contract. However the subjective test of agreement involves trying to establish whether there was a “meeting of minds” when the contract was made. That is, to try to figure out the mental state of mind of the parties involved during the time the contract was made.

Another element of a valid contract is consideration moving to the contract. In order for a valid contract to exist, both parties must agree to some type of valuable obligation

This is in reference to the ‘Contractual Agreement’ between Department of Veterans Affairs and The Vault IIV/The Mitchell Group Inc. dated 02/07/2014, the term of which is about to end on 03/11/2016. With the current contract coming to an end we will need to establish a new contract or an extension of the expiring contract. A month to month storage only option may be available at a fee of $5,500.00/mo. Please contact Albert Mitchell, President to discuss this matter.

Any legal contract must contain certain elements. First, it must contain an offer. The offer is what someone is going to do, such as lease you a tractor, sell you a guitar, paint your house, or simply pay you (The Basics of Contract Law, 2017). Second, the offer must be accepted. Acceptance means that you agree to what is offered, without any changes. (If you make changes to the offer, it is typically considered a “counter-offer.” which must itself be accepted) Third, it must represent the intent of both parties to enter into a legally binding agreement (The Basics of Contract Law, 2017). In other words, both parties have to be aware that the agreement could be enforced by law.

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.

In the case at hand, it is very clear that there was an agreement between Jim and Laura on one hand and Stan on the other hand for the purchase of a Sedan car since there was validly made offer that was without undue influence accepted by the car dealer. Given the fact that there was an offer that was made by Jim and Laura without undue influence and was accepted by Stan without undue influence cemented the contract. This was supported by the fact that both parties to the contract were all mature and of sound mind (Friedman, 2011). Despite the fact that the deal between

An agreement made between two or more parties which are intended to be legally enforced is termed as contract. When one party makes an offer to the other party and the other party shows an intention to accept it; the contract arises.

According to the Dynamic Business Law eBook; the four elements to a contract are Agreement, Consideration, Capacity and legality. The first element of Agreement would be deemed to exist if an offer is made and accepted creating a mutual agreement between the parties. An offer establishes criteria set by the “offeror”, usually referred as terms and conditions to another party, the “offeree” this is the first step in creating a contract. The second element of Consideration would be deemed to exist if “something” is negotiated by the promisor from the promise in return for signing or agreeing to the terms of the contract. The third element of Capacity would be deemed to exist if the parties are in sound mind and body, and over the age of consent. The fourth element of legality would be deemed to exist if they have a legal object, meaning the parties purpose of entering into a contract should be legal and follow the state and/or federal laws. (Kubasek, 2015, p. 305)

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.