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The Basic Elements of a Contract

   

Added on  2020-04-01

7 Pages1912 Words104 Views
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The Basic Elements of a Contract_1

2ContentsSolution 1....................................................................................................................................................3The basic elements of contract.................................................................................................................3Solution 2....................................................................................................................................................3Which is better- written or oral contract..................................................................................................3Solution 3....................................................................................................................................................4Solution 4....................................................................................................................................................5Case study – legal intention.....................................................................................................................5Solution 6....................................................................................................................................................6Difference amid an agent and an independent contractor........................................................................6Bibliography................................................................................................................................................8
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3Solution 1The basic elements of contractA contract is a relationship which is established by the parties privately. Two or more individualwhen decide to carry out any act or omission then in order to do so adequate they requirea formal document which can be established in the form of a contract. A contract can beformed in written form or in oral form. But there are few essential elements which areneeded in order to form a contract which is valid and enforceable in law. [ CITATIONGib1 \l 1033 ]Thus, the main elements of contract are:i.A contract requires an offer on the part of the offeror. An offeror makes a statement in theform of a proposal wherein he intends to describe any act or omission which he desires tobe carried on by the offeree. An offer can be oral or written but needs to communicated tothe offeree in order to be valid[ CITATION Gib792 \l 1033 ];ii.The acceptance is the approval of the offer which is communicated to the offeree by anofferor. There should be no variation as results in cancellation of contract [ CITATIONHyd431 \l 1033 ]. When an acceptance is made then an agreement is established amidthe parties;iii.Every agreement must be made amid the parties for some kind of benefit which must beexchanged amid the parties and is called consideration in the eyes of law. A considerationmakes any contract enforceable [ CITATION Wil89 \l 1033 ];iv.The parties must have legal intention when the promises are exchanged amid the parties.If the intention while aiming the offer and the acceptance is not legal then the contract isinvalid in law [ CITATION Jon693 \l 1033 ];v.The parties who are making the offer must be mentally capable and must have attainedthe age of majority and are not barred by any law.Thus, these are some of the elements which must be comply with by every party to make anenforceable contract. Solution 2Which is better- written or oral contractA contract is a relationship which is established by the parties privately. Two or more personsdecide the terms with which they intend to abide by and then they are into contractual
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