Explore BrainMass
Share

Law

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

1. What are the characteristics of a legally enforceable contract?

2. What types of contracts are you involved with personally and professionally?

3. What is the difference between bilateral and unilateral contracts?

4. What role do contracts play in the U.S. economic system?

5. What is the difference between agency and contract , if any?

© BrainMass Inc. brainmass.com October 16, 2018, 10:28 pm ad1c9bdddf
https://brainmass.com/business/business-law/221921

Solution Preview

The response addresses the queries posted in 892 Words, APA References

Characteristics of a Legally Enforceable Contract

The main characteristics of a legally enforceable contract are:

Ø Plurality of parties: The contract should involve two or more parties (Jan, Kumarayanake, Hanson, Roberts & Archibald, 2006).

Ø An authorized proposal and acceptance: For making a contract, it is necessary for one party to provide an authorized proposal to another party and the other party should accept it.

Ø Aim to establish legal relations: Legal relations are necessary to be established between the parties forming a contract, so as to enforce the contract in the court of law.

Ø Consideration: Consideration refers to the payment of something in return of the proposal. Therefore, every contract must be supported by consideration (Jan, Kumarayanake, Hanson, Roberts & Archibald, 2006).

Ø Compliance of legal formalities: The mode of forming the contract may be oral, or written within the legal effects. It should be in written form or in the presence of some witnesses or registered.

Types of Contracts

There are different types of contracts which are classified into various categories according to the Legality, Mode of Formation and the Extent of Execution. The types of contracts classified on the basis of legality are valid contracts, void contracts, void able contracts and unenforceable contracts. According to the Mode of Formation, contracts can be classified into Express contracts, implied contracts and Quasi-contracts. According to the Extent of Execution, contracts can be ...

Solution Summary

The response addresses the queries posted in 892 Words, APA References

$2.19
Similar Posting

Forces and Newton's Laws of Motion

1. An airplane has a mass of 3.1 X 104 kg and takes off under the influence of a constant net force of 3.7 X 104 N. What is the net force that acts on the plane's 78-kg pilot?

3. In the amusement park ride known as Magic Mountain Superman, powerful magnets accelerate a car and its riders from rest to 45 m/s (about 100 mi/h) in a time of 7.0 s. The mass of the car and riders is 5.5 X 103 kg. Find the average net force exerted on the car and riders by the magnets.

19. On earth, two parts of a space probe weigh 11 000 N and 3400 N. These parts are separated by a center-to-center distance of 12 m and may be treated as uniform spherical objects. Find the magnitude of the gravitational force that each part exerts on the other out in space, far from any other objects.

25. The mass of a robot is 5450 kg. This robot weighs 3620 N more on planet A than is does on planet B. Both planets have the same radius of 1.33 X 107 m. What is the difference MA - MB in the masses of these planets?

View Full Posting Details