Everyone will have to sign a contract at some point in their lives whether it is for rental, purchase or lease. Most will not read the specific details of the contract which could lead to circumstances of breaching the agreement. This paper will give an example of an apartment lease contract which I, Ivory Polk have entered into with Chelsea 88 Apartments. I will provide some specific contractual details within the contract. I will also include the five essential elements of an enforceable contract and show how it correlates with my contract example. We all should become aware of all the details within any contract we sign to prevent any possible breaches and to allow ourselves to enter into a fair and responsible situation. Some of the …show more content…
An offer is a request from one party to another to begin a contractual obligation. An offer also indicates a desire to be tied in by the agreement with the acceptor. An acceptance is to agree to the conditions set forth in the contract. The action of acceptance produces the contact. We then need to have consideration which has to be received as stated in the contract. Consideration is the notion of legal value which can be in the form of money, services, or items, just to name a few. Furthermore, we have legality which means all aspects of the contract must be legal. The legality of the contract must be consistent with the law. According to FindLaw 's State Laws, a website of state-specific laws, “When someone agrees to rent or lease a property, they sign a lease or rental agreement outlining the terms of the agreement. It is a legally binding contract between the tenant and the landlord that details the rights and responsibilities of each party. When either party violates the terms of a valid rental agreement, then the aggrieved party may seek relief in civil court” (2016, para. 1). This statement identifies the importance of legality of a contract and specifies possible remedies. The last element needed for an enforceable contract is capacity. Both parties must have the legal capacity to be tied into a contract which includes sound mind and age appropriate. It is important that both parties have the capacity to understand the
An acceptance of an offer is “ a manifestation of assent to the terms thereof made by the offeree in a manner invited or required by the offer.
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.
An offer is the manifestation of the willingness to enter into bargain, so that the offeror understands that he may enter into the bargain freely and that assent to the bargain will complete the transaction. Bill presented an offer to Sara to
Offer- This is defined as a clear manifestation of willingness to enter an agreement made by another person with full understanding that their assent to the bargain is an invitation and is concluded.
This document is the agreement for the rental or lease of the building identified below between the Landlord and the signed Tenant on the following terms and conditions:
An offer is a precise assure and a precise demand. An offer is a look of readiness to perform something that is if followed by the unqualified acceptance of another being. It relates to my example because once agreement is made of how much amount I will pay because then I have to do that.
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,
Acceptance. This basically means that the terms of the offer have been clearly understood and agreed to through consent
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;
Contract and landlord tenant law is extremely intricate and detailed and each party must hold up their end of the deal. Otherwise, the legal ramifications can be far reaching for the of-fending
3. An offer. An offer occurs when a party communicates the intention of doing something if the other party does another specific thing. Either the buyer or seller can initiate an offer so it could occur when you approach a cranberry cooperative with an
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 last requirement of a valid contract is that its provisions be legal. If a
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.
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.