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Formation of a Contract: Essential Elements and Importance

   

Added on  2023-06-10

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BUSINESS LAW
NAME OF THE STUDENT
Formation of a Contract: Essential Elements and Importance_1
FORMATION OF A CONTRACT
A Contract can be essentially described as an agreement which takes
place between to or more parties and is binded by law.
For a contract to be valid, an agreement needs to be present which
should comprise of offer and acceptance. For a contract to be legal at
least two parties are essential (Mann and Roberts 2015).
Offer
An offer can be described as a willingness to make a given contract with
a positive intention that it shall be binded by law as soon as the offeree
accepts it.
The given presentation will highlight the essential elements of a contract
and their relative importance.
Formation of a Contract: Essential Elements and Importance_2
THE ELEMENTS OF A CONTRACT
The elements of a contract can be described as the essential requisites
to the formation of a contract. The different essential requisites are as
follows:
(1) offer
(2) acceptance
(3) consideration
(4) mutuality of obligation
(5) competency and capacity
(6) a written instrument.
Formation of a Contract: Essential Elements and Importance_3

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