The Formation Of A Contract

A legally binding promise must also always be supported by consideration, a prerequisite defined as “the exchange of promises from each party- from the promisor to the promisee”. There is uncertainty in whether the consideration offered in this situation is sufficient or not. Moral obligations regarding “natural love and affection” are not deemed to be sufficient consideration unless there is a legal obligation involved. Whether Billy’s initial decision to work on the farm creates a sufficient enough legal obligation for

Coward v. Coward, 582 P.2d 834 (Or. Ct. App. 1978). In Coward, the parties had discussed the premarital agreement in advance, and the wife had refused the advice of her then-fiancé’s attorney to seek out counsel of her own before signing the agreement. Id. Further, in Coward the wife possessed knowledge of the quantity and value of her fiancé’s property interests. Id. In addition, the wife in Coward was deemed to have sufficient business acumen due to her years of business experience.

Contract law is relatively consistent regarding whether a contract was actually made and whether the parties involved can be legally held to the contract or not. This is primarily due to the fact that contract law proceeds from law handed down from centuries of civil and common law cases. Basically, two parties have to agree to the terms of the cited contract, after the offer is made and accepted (both parties have had time to review and make changes to the contract, although this process does not always occur), and they have either orally agreed or signed some form of written contract. It can be argued in a court afterword that there was not sufficient consideration or that one party coerced the other into an agreement, but these are usually handled at the signing of the contract. This process is time honored and, as said, has been in place for a long time. But, new types of contracts occur at times and they have a different sort of accounting by the courts. One of these types of contracts is that generally called prenuptial, antenuptial or premarital (Standler, 2009). This paper looks at prenuptial agreements and using the case of Simeone v. Simeone tries to determine some of the pros and cons of treating these agreements more like regular contracts.

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,

3. Third Possible Offer. Peters response to Don of "OK, that sounds great. I just need to inform my sister first before I can act on this. This decision affects her too. Can I let you know for sure tomorrow?" does not contain the required promissory language required to show intent to form a contract. He is simply relaying that he is taking Dons invitation for an offer under consideration and must communicate with his sister prior to a decision being made.

A contract is an exchange of promises or a promise in exchange for performance, for breach of which the law gives a remedy, per Restatement 2nd of Contracts §1. For the contract to be valid there has to be mutual assent, parties mutually agree upon the same specific thing. Per Restatement 2nd of Contracts §54, there are two types of contracts: unilateral, where acceptance is by performance, and bilateral, where there is an exchange of mutual promises and both of the parties have the rights and duties.

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.

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

In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

In the play Macbeth by William Shakespeare, Macbeth the main character has a dramatic rise to kingship but suddenly loses it in his tragic downfall. Characters in works of literature usually have a downfall due to a certain event or trait they possess, in this case Macbeth has too much greed. Early on in the play, three witches give Macbeth a prophecy, this entails that he will become the Thane of Cawdor and then king. They also tell him that he will never be defeated from a man that was born from a women. Throughout the play Macbeth sticks to this and ends up becoming king but in an inhuman manner. Macbeth kills the previous king Duncan to gain his power just like the prophecy, once he has the power it gets used to his advantage. Next, as Macbeth gets too greedy with his belief in the prophecy he feel unstoppable and accepts a fight with Duncan who has a strong army ready to defeat Macbeth who is slowly breaking down. Macbeth's excessive amount of greed is responsible for his downfall because of his hunger for power, abuse with

An agreement means a consensus on at least those essential terms needed for a workable transaction. The process of reaching an agreement is generally analysed as involving an offer and acceptance. Where the offer is a clear indication of the terms upon which a person is prepared to be bound, and an acceptance is assenting to, agreeing, or

Native Americans have endured different stereotypes ever since the Americas were colonized. This has led them to develop their own sense of ethnocentrism, along with the problem of dealing with other culture’s ethnocentrism feelings. Stereotypes are examples of certain traits or behaviors that are pertained to a certain membership in a social category. This category can include sex, race, age, profession and more. Ethnocentrism refers to a person’s preference to put their own culture above others cultures.

Contractual agreements are supposed to be consensual, and freely entered into by the parties involved. Therefore, ‘before a court enforces a relationship as a contract, the courts must have a reasonably certain basis in fact to justify binding the parties to each other.’ (St. John’s Law Scholarship Repository, no date). Resolution of whether a contract was intended to be legally binding is not determined by what the parties themselves thought or intended. Rather, a more objective stance is taken by the courts. This is known as the objective theory of contract, and essentially enables ‘the courts to look at external evidence (what the parties said and did at the time)’ (Poole, 2006, p. 34), as to objectively indicate the parties’ intentions

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.

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