Purchase Solution

Basics of Contract Law

Not what you're looking for?

Ask Custom Question

Can you explain the basic concepts of contract law.

Purchase this Solution
Solution Summary

This solution gives you the basic concepts of contract law in an easy to understand manner.

Solution Preview

A contract is an agreement between two or more person to do or not to do a particular thing in return for something of value.
So the basic concepts of a contract are first there should be an offer for an arrangement that is accepted by the other party. The next basic requirement is that the agreement is to do something for a consideration. This must be sufficient and must move from the promisee. The next basic requirement is that there should be an intention to be legally bound. In addition, the person entering into the contract must have the capacity to enter into the contract. Verbal contracts are valid and so are written contracts. However, some jurisdictions declare verbal contracts to be unenforceable. Legally there may be unilateral contracts like announcing a reward or there may be bilateral contracts. However, for a contract to be legally ...

Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

View More Free Quizzes
Related BrainMass Solutions

  • Discussion in retail contracts with commission

    Can Ames continue to sell Palmer's goods during the unexpired term of her contract? Basics of Contract Law Various things have to be taken into consideration here. Are both companies American or Canadian? Are they European?

  • Contract law explained

    312785 Business Law help Need some help on this # Explain the basics of contract law. # Explain contract law in a simple and concise manner. # Incorporate the terms offer, acceptance, and consideration in the report.

  • control agreements

    For full credit, I must address the following in the slides and short contract: Part 2 ââ?¬¢Explain the basics of contract law. ââ?¬¢Explain contract law in a simple and concise manner. ââ?

  • Common Law Contracts and the UCC Article 2

    A few points to help with comparison and contrast discussions before we start looking at Common Law contracts and the UCC Article 2: I am not sure how long of a write up you are looking at but the basics of a compare and contrast should include -

  • Is this a valid salary offer?

    Contract Law. Cambridge University Press, 2011. (2) Max Young. Contract Law: The Basics. Taylor & Francis, 2010. The response provides you a structured explanation of mid-level law firms' hiring practices. It also gives you two relevant references.

  • Contract Law Explanation With Example

    185242 Contract Law Explanation With Example Your committee has asked you to explain the basics of contract laws. Your initial plan is to address the following areas: - Display an example of a written contract that you have entered into.

  • Business Ethics

    Then you should find out if the dismissal is in contravention of any law In case there is a breach of contract by the employer, you may sue the company.

  • Negotiating and Contracting in the Managed Care Setting

    I HOPE THIS HELPS AND BEST OF LUCK! Through addressing the questions, this solution focuses on the basics to negotiating and contracting in the managed care setting e.g. basics elements of the contract, etc.

  • Three Elements of a Contract; bilateral and unilateral

    An insurance contract is a unilateral contract because only the insurer has made a promise of future performance and only the insurer can be charged with breach of contract.'

  • At will employment and legal recourse

    This is a very loosely decided area, but when a job involves refusing to perform an act prohibited by state law, reporting a violation of a law or exercising a statutory right, the employee has cause to demand satisfaction.

View More Related Solutions