Types of Contract

A contract is an official agreement between two parties. There are different types of contract, such as sale and purchase of a business agreement, partnership agreements, lease of business premises, lease of plant and equipment and employment agreements. The format can vary too. It can be face to face, written, or distance selling. The specifications of a contract involve offer and acceptance, the intention to create legal relations, lawful considerations, capacity and legal formalities such as terms and conditions.

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

Contract law has set out to provide a healthy trade environment. Contracts are promises enforced by the law, with the support of something of value that has a legal purpose. It is an agreement between parties, formed by the elements: offer and acceptance, with all parties having the capacity to perform obligations enforceable by law. There are instances where the enforcement of a contract would bring about gains or losses to society and commerce.

A contract is an enforceable promise between parties. The parties to any contract must perform according to the relevant and required standards. This includes substantial performance of the services promised, complete or strict performance and personal satisfaction. Failure to perform as required is a breach, which is a compensable injury. Several defenses exist as a result of contract breach. This may include, statute of limitation, statute of frauds requirement for writing, fraud, mistake done during contract performance, lack of good capacity and unconscious ability.

A contract is an agreement between two or more parties which in Scotland does not need to take a specific form, as a spoken agreement is still equally as enforceable as a written contract in certain circumstances such as in most social and domestic arrangements. A contract creates a legally binding bond between the parties involved. Contracts are made everyday sometimes without even realising it from buying a coffee to buying a house.

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

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,

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.

A legal contract arises when there is an offer, acceptance of that offer and also a sufficient consideration to make the contact valid. There are five essential elements that make a contract legal and these includes;

A contract in its essence according to Davitt is “a union of two or more persons, originating in their mutual promises enforceable in law, for the reordering of their relations of title, duty and claim regarding something to be done or not to be done.” Id. at 273. The tricky part concerns what a mutual promise enforceable in law entails. As stated above, there are many difference schools of thought about what fills in the gaps of promises and what is enforceable by law.

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.

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

The last requirement of a valid contract is that its provisions be legal. If a

A contract is a written or spoken agreement between two or more parties that involves the exchange of two promises, which is intended to be enforceable by law. The four basic elements are the offer, consideration, acceptance, and mutuality. When elements are broken down individually, each one is just as important as the next. If one of these elements are broken or misunderstood, it could mean result in the contractual agreement becoming not valid and end in lawsuit. The overall purpose of the contract is for legal purpose and to keep a order within an agreement.

When it comes to standard forms of contract this is basically a standard type of contract that has been drawn up to be used