Contract Law
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What are the four elements of a contract? and why are they important to a valid contract?
2. When must a contract be in writing? Is this more important in some contracts than others? why or why not?
3. What is legal capacity? Do you have legal capacity to enter into contracts? Why or Why not?
4. What is the UCC application? Versus the common law application.
5. What is the mailbox rule?
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The response addresses the queries posted in 957 Words, APA References
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The response addresses the queries posted in 957 Words, APA References
Contract Law
Answer 1
A contract is an agreement that creates a legal relationship between two parties and can not be one sided. A contract includes some terms & conditions and if any of the parties fails to live up at its part, it is considered as a breach of contract. Usually, a contract is written (using formal & informal conditions) and in some cases, it is completely verbal. A contract must be having mutual understanding between the parties. The four elements of a contract are as follow:
§ Mutual Assent or Meeting of the Minds: It means that there is a mutual understanding of both the parties on the details, rights and obligations of the contract. In case of any conflict between parties, the court considers the communication between the parties.
§ Consideration: A contract must be having an exchange of value between the parties and usually money is transferred between parties in exchange of other value, thing or property. An exchange is essential for both the parties and no party can get any value without exchanging anything to the other party.
§ Competent Parties: A contract is not valid until both the parties which are entering in the contract are fully authorized and legally competent (Legal Elements of a Contract, n.d.).
§ Legality: A contract is not valid if it carries any illegal purpose.
The above mentioned elements are very important to make a contract valid because these elements bind contracting parties in a legal manner and in case of breach ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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