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Aspects of Contracts

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Added on  2020-01-07

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Aspects of Contracts INTRODUCTION 3 Task 13 1.13 1.24 1.34 Task 25 2.15 2.25 2.35 Task 36 3.16 3.27 3.38 Task 48 4.18 4.29 Conclusion 9 References 10 Introduction A contract is the written and spoken agreements, which is made between ofrer and ofree and intended to be enforceable by law. Task 1 1 1.1 The importance of essential elements required for the formation of valid contract are as follow Offer and acceptance: It is very essential elements of

Aspects of Contracts

   Added on 2020-01-07

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TABLE OF CONTENTSIntroduction .....................................................................................................................................3Task 1...............................................................................................................................................31.1.................................................................................................................................................31.2.................................................................................................................................................41.3.................................................................................................................................................4Task 2...............................................................................................................................................52.1.................................................................................................................................................52.2.................................................................................................................................................52.3.................................................................................................................................................5Task 3...............................................................................................................................................63.1.................................................................................................................................................63.2.................................................................................................................................................73.3.................................................................................................................................................8Task 4...............................................................................................................................................84.1.................................................................................................................................................84.2.................................................................................................................................................9Conclusion ......................................................................................................................................9References......................................................................................................................................102
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INTRODUCTION A contract is the written and spoken agreements, which is made between ofrer and ofreeand intended to be enforceable by law. The for the executing desired function of business aspectsof contract are very essential. The present report is based on various elements of contract andwith a different cases. In this report it covers,the impact of different type of contract has beendiscussed. Terms in contract with references to their meaning and effects is analyzed. Along withthis, the importance of essential elements of a valid contract is is explained. Apart from that, thenature of liability in negligence is explained.TASK 11.1The importance of essential elements required for the formation of valid contract are asfollowOffer and acceptance: It is very essential elements of the valid contract because in thisone party make an offer and it is necessary for other party to accept it (Oni-Ojo, andIyiola, 2014). Only one party cannot create a contract without a offer or acceptance ofanother party. Intention to create legal relationship: The valid contract is made with intention tocreate a legal relationship with other party. Both the party ofrer and ofree must intend forentering into legally binding agreementCertainty: Each and every term of valid contract must be clearly defined and remaincertain. Unclear contract it not enforceable by law, so contract should not be vague.It isnecessary that all details of a contract must be correct and no uncertainty occur.Completeness: the parties who are entering into a contract must be agree each and everypoint before performing any activity mentioned in a contract (Thampapillai Tan andBozzi, 2012). Agreement should not remain pending before its performances. Consideration: Consideration is related with a bargain of the contract, it is a exchangeof one thing of value for another. Moreover it is a price paid for the promise of the otherparty and must be legally sufficient.3
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Legal capacities: All the people cannot enter into the valid contract. People who aremental impairment, young and prisoners cannot make any valid contract with other party(Martin and Van Linden, 2015). As per contract law each party should be capable andabove the age of 18 year. This all are the essential elements for making any valid contract. If any element sismissing then contract will not be valid and and not accepted as per according to the law.1.2There are various type of contract and its has different impact on contracts that are as follow:Written contract: It is type of contract in which both the party made agreement inwritten. All the terms and condition are made in a written format and signed by both theparties by agreeing the terms and condition (Berger and Lester, 2015). The impact of thiscontract is that tryst and confidence is maintained between both the ofrer and ofree party.If any party breach the rule then other party can claim in the court.Face to face contract: It is the contract which is face to face in oral form. In this twoparty sit together and agree upon terms and condition which is included in contract butonly verbally (Carter and Courtney, 2016). It has a positive impact on the that there willbe no confusion between both the parties and any confusion can be clear on the spot. Italso reduces the chance of cheat and misconception.Distance contract; In distance contract formation of contract is can be in verbal or inwritten form. Agreement is not done face to face so, there can be a positive or negativeimpact of contract (Vashist and Talwar, 2014. ). Negative impact is that it may be createconfusion between and delay in contract which may lead to rejection of contract.1.3It is very essential for all the parties to involved in making a contract. There are manyterms in contract are as follow:Expressed term: In this exchange of promises both the party agree to be bound aredeclared either orally or in a written form is know as express contract (Miles, Flemingand McKinney, 2010.). This term is also mentioned in a contract in a specific mannerand agreed by both party. 4
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