|
|
 |
|
|
ELEMENTS OF A CONTRACT by Alice Ken
|
|
|
ELEMENTS OF A CONTRACT |
|
|
|
|
|
Education,Law,Writing
|
|
|
For a contract to be legally binding, offer, intention, price, and acceptance must be in place. A contract is made when an offer of one party is accepted by the other party. Not all people are allowed to a valid contract. There are a group of people that are supposed to be dealt separately, they include young people, people with mental impairment, bankrupts, prisoners, and corporations. A contract has four elements namely the offer, consideration, acceptance, and mutuality. Offer is defined as the promise to abound. There must be acceptance of what has been offered. A person can withdraw an offer before it has been accepted. However, before withdrawing the proposed offer, the person must communicate to the other party on matters about the withdrawal. Acceptance as an element of the contract occurs when the party answering the offer agrees to make an offer by way of a statement. Acceptance must be communicated to the offer. Consideration in simple terms is described as the price paid for the promise made in a contract and must have value. There are documents which do not require consideration in order for a contract to be binding for example all documents which are under seal. In mutuality as an element of a contract, there is a proof that both parties read and understood the basic substance and the terms of the contract. According to this element, both parties must be bound to do their obligations. To avoid the invalidating of the contract, the parties must limit their discretion to the contract.
Related Articles -
ELEMENTS, OF, A, CONTRACT,
|
Rate This Article  |
|
|
|
|
|
Do you Agree or Disagree? Have a Comment? POST IT!
| Reader Opinions |
|
|
|
|
|
|
|
|
|
| Author Login |
|
|
 |
Advertiser Login
ADVERTISE HERE NOW!
Limited Time $60 Offer!
90 Days-1.5 Million Views
|
|
ADRIAN JOELE
I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
|
|
|
|
|
TIM FAY
After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
|
|
|
|
|
GENE MYERS
Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
|
|
|
|
|
LAURA JEEVES
At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
|
|
|
|
|
MICHAEL BRESCIANI
Rev Bresciani is the author of two Christian books. One book is an important and concisely written b...more
|
|
|
|
|
STEPHEN BYE
Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
|
|
|
|
|
LEVAL AINAH
I am an internet marketer and also an educator. My goal is to help others who are looking to improve...more
|
|
|
|
|
PAUL PHILIPS
For more articles, blog messages & videos and a free e-book download go to www.NewParadigm.ws your p...more
|
|
|
|
|
ALEX BELSEY
I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
|
|
|
|
