Dq1_wk3

Running head : ELEMENTS OF A CONTRACTElements of a Contract Elements of a ContractOne of the most important tenets in law is : if it s not in writing , it did not happen The law could protect fracture either party engaged in an covenant if the agreement was put in writing in the form of squeezes . It is natural , therefore , to form expurgates amongst two or to a greater extent parties , especially those engaged in business , to avoid difficulties in winning a claim in case there is a breech in the agreementA contract is an exchange of promises between parties . It is an agreement between two or more parties to do or refrain from doing something . Almost invariablyyone engage in a contract . It may be oral or compose . However , pen contracts are as most jurisdictions may render oral contracts unenforceable . There is almost eternally enough room for disagreement and parties may claim something former(a) than what was agreed upon without proper documentation , usually a written contractContracts have certain elements for it to be considered valid and binding . react to the footing of agreement is the most important element of a contract . Without consent , there can never be an agreement , whence no contract . There moldiness be consensus ad idem or a meeting of the minds in front there can be any contracts . Ollek (n .d ) held that there essential be an intention to enter into a legally binding contract for it to be effective . There must be an cleft of the terms from one side and acceptance of the hold out from the different . furthermore , valid consent is given single by those who have the legal capacity to enter a contractThe object or purpose is the next element of a contract . This is the assert made by the initiating party . This is patently a statement that a certain party is lively to enter into an agreement with another on certain terms .

It is also implied that the party making the offer is prepared to be bound by the terms (Ollek , n .d ) of the agreement if ever it is accepted by the other party . Oftentimes , the offer has certain time limit where it could be accepted . Furthermore , objects must also be legal . If the object is smuggled because of the statute of common law , it will be considered voidThe ending element is the consideration . Each party involved in the contract must receive something of value . Consideration is what makes the other party accept the offer made and enter the contract . It may also be some benefit or advantage to the person making the offer and a gibe cost or prejudice to the person accepting the offer (Ollek , n .d . Ollek (n .d ) explained that the law only requires that there be equal consideration and that only the party involved can regularise whether or not the consideration is adequate Any contract without this element is not considered as legally binding , hence is void , and there is no contract at allAcceptance should...If you exigency to get a full essay, order it on our website: Orderessay

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