Contract Essay

For a contract to be created there has to be an offer, acceptance, intention of legal consequence, and consideration. Capacity comes under the umbrella of contract law. It can be defined as a person’s capability entering in to a legal contract or agreement and be bound by it. Upex (2008) has said ‘all persons have full legal power to enter into any legal contract they wish and thus bind themselves’. Capacity can be categorized under three headings; Individuals, Corporations and Partnerships. There

1. Voidable Contract: An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, is a voidable contract. A contract is voidable when one of the parties to the contract has not exercised his free consent. One of the essential elements of a formation of a contract for example, free consent, is absent. All voidable contracts are those which are induced by coercion fraud or misrepresentation. The person whose consent is

Contract is an agreement between two or more competent parties in which an offer is made and accepted, and each party benefits. No contract can come into being unless the following features exist: an actual offer, an acceptance, consideration (this means that each party will contribute something of a material value to the bargain) and an intention to create legal relations. The agreement can be formal, informal, written, or just plain understood. (a) For a contract to exist the offer must be made

Most contracts are valid despite the fact that they may be only oral. Dan was knowledgeable that Pat wanted to buy a home, which she was not financially qualified to purchase. Consequently, he offered to purchase the home and sell it to her, when she had the

Part A Contracts are an integral part of business and everyday life, and are fundamental to construction as the industry relies on the formation of contracts for business agreements. “Contracts are based on the idea of a bargain, where each side must put something into the bargain. A contract may be defined as 'an agreement which is binding on the parties’” (Galbraith, 1998, pg78). There are a number of key components which must be present in the formation of such contracts. Firstly, there

Formative Assessment Essentially, what contract law is concerned with is whether there is a contract in the first place. A contract is formed when there is a meeting of minds. There needs to be an offer and an acceptance , with the mirror principle applied- one must mirror the other precisely , otherwise there is no contract. It is also important to be able to determine between offers and invitation to treat. Offer and acceptance need to be communicated, and with offer, there needs to be an intention

Contract A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity," or being of legal age and sound competence; "mutual assent," or agreement on the terms of a contract; and "consideration," or compensation for goods or services rendered. The element that distinguishes a contract from an informal agreements is that it is legally binding:the law provides

Introduction For parties to be bound by an agreement, it must first be determined if a prima facie valid and enforceable contract exists. A contract can be defined as an agreement containing promises made between two or more parties with the intention of creating certain legal rights and obligations and enforceable in a court of law [1]. For a legally binding contract to exist the following elements must be satisfied: 1. An offer must exist 2. The offer must be accepted 3

A contract is an agreement between people or legal entities (such as corporations) in which one party agrees to perform a service or provide goods in exchange for the payment of money or other goods or services. A binding, legally enforceable contract can be in writing or oral. The formation of a contract is accomplished when there is an offer and acceptance between the contracting parties of the exchange of "consideration, something of value. This offer and acceptance are occasionally referred

Contract Disputes Vanessa Bray Lee Strayer University BUS501-044 December 9, 2011 Dr. William Hadyn Roberts “CONTRACT DISPUTES REACH 15-YEAR HIGH”, was the heading of an article published, December 1, 2010 in the Government Executive. The heading in itself tells us that the government is doing more and more business by contract and as a result contractors who are lobbying for government business have become more aware of their rights to file disputes when it involves a loss of potential