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Contract law explained

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# 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.
# Include an example of a written contract that you have entered into, and identify the features that make it a valid contract.
# Include a short contract to provide a service to someone, and identify the features that make it a valid contract.
# Make sure that the examples given satisfy the basic requirements for a contract

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Hello, I provide the following to assist you.

The basics of contract law are:

"A contract, whether verbal or in writing, is a legally binding agreement enforceable in a court of law. However, not all agreements between two parties are legally binding contracts. For it to be considered a valid contract, certain elements must exist.

Offer: An offer is a proposal to make a deal. An offer must be communicated to another person, and it remains open until it is accepted, rejected, retracted or has expired. A counter-offer closes the original offer. The offer will contain terms, which are elements that help define the scope of an agreement.

Terms for other contracts must be specific and definite because the offer has to identify the basic obligation of the contract. For example, if Mr. Jones says, "I offer to rent my house to you," it ordinarily would not be a sufficient offer to give rise to a contract because it doesn't include any of the necessary details such as price and other terms required in a house sale transaction.

Acceptance: An acknowledgment by the person to whom the offer was made that the offer is accepted. The acceptance must comply with the terms of the offer and must be communicated to the person who proposed the deal. For example, Mr. Jones offers to rent his house for $500 in cash each month, for a period of one year. To accept the offer, Mr. Brown, the ...

Solution Summary

This solution provides an explanation of contract law, offer, acceptance, and consideration.