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Assignment on Elements of Contract Law

   

Added on  2019-11-26

10 Pages2541 Words162 Views
Business Law1 | Page

ContentsQuestion 1...................................................................................................................................................3Question 2...................................................................................................................................................4Question 3...................................................................................................................................................5Question 4...................................................................................................................................................6Question 5...................................................................................................................................................8References.................................................................................................................................................102 | Page

Question 1List and explain briefly each of the components required to demonstrate that a bindingcontract exists. A binding contract comprises of certain key elements that should be fulfilled to make it legallyvalid. When persons approve in writing to allow the court to punish them if the defendant doesnot follow their contractual obligations, is binding contract. A contract where two parties areinvolved and takes promise to create a legal relationship.Key elements of the contract are mutuality of obligation and includes An offer, andAcceptance Basic elements of the binding contractGeneral elements of a contract involve proper terms or definite terms, consideration andmutuality of obligation. Meeting in the mind also termed as Mutuality of obligation is verifiedby an acceptance and an offer. An offer happens when an individual or party generally calledofferor proposes a type of exchange with another individual also known as the offeree.Acceptance however takes place only when the offeree accepts the terms and conditionsexplained and made in the offer (Elliott and Quinn, 2010).Definite terms in the contract terms mean that the terms of the contract are proper and enablethe court to explore and evaluate if and when needed as per legal obligations.Consideration on the other hand is about what the parties determined to exchange against theoffer made. It should have some value.Thus, the elements and obligations mentioned in the contract paper should be legally valid so3 | Page

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