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"The purpose of contract law is to give effect to the reasonable expectations of the parties to a contract." Discuss this observation in terms of the five elements that are required for the creation of a legally binding contract.

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In terms of a legally binding contract, the five elements include:

1. There must be an offer and acceptance of the contract. Therefore, each party has a reasonable expectation of what the contract entails, including terms of the offer and acceptance. T"he agreement process involves one party offering terms and conditions that are either accepted or rejected by the other party. If the other party changes any term or condition of the offer, then the offer becomes a counter-offer. At this point, each party negotiates the terms and conditions of the offer until they have a meeting of the minds".
Source: http://www.allbusiness.com/legal/contracts-agreements/731-1.html

2. Each party must be clearly consenting to the contract. Each party should be entering into the contract freely, without any coercion by another party to enter into the contract. Each ...

Solution Summary

This solution provides an explanation of five elements that are required in contract law to make a contract binding.

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3. Local Law Paper (Contracts/Civil Law Business Law).
Prepare a 700-1,050-word paper in which you describe the fundamentals of Business and Contract Law in the Commonwealth of Puerto Rico, according to the cases presented. In your paper, there must be reference to the specific facts of the cases portrayed, issues solved and legal grounds regarding the assigned topic. You shall demonstrate that you read the cases posted on Go to Class.
Write and essay in where you explain:
1) The concept of Mercantile Right in P.R. to tenor with the cases of the Supreme Court of Puerto Rico; Fish market Pink v. Lozada, 116 DPR 474 (1985) and Reece v. Ariela, 122 DPR 270 (1988).
2) The basic principles of contracts in Puerto Rico to tenor with the cases of the Supreme Court of Puerto Rico; Marias v. Municipality, 2003 TSPR 121 and Columbus v. Glamorous Nails, 2006 TSPR 16.
They must to make references to the facts of the cases, the controversy that are solved and the expressions that the court does on the assigned subject.
The cases of Fish market Pink v. Lozada and Reece v. Ariela, they are in Go or Class.
The cases of Marias v. Municipality and Columbus v. Glamorous Nails, they are in www.lexjuris.com.

I have attached the cases and other cases form Lexjuris.com they are translated to the best of my knoledge, I am also reading the case and studying them, want to have a general idea

if you need more assistance with the cases provided please let me know thanks

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