What are the elements of a contract? Define and explain them. Are each of them necessary? If it were up to you, would you add to the elements necessary to complete a valid contract? Delete any elements? Why?
Elements of a contract:
Mutual agreement, consideration, competent Adult parties, Lawful purpose, equal right to remedy, each must have an obligation to perform and intention to create legal relationship.
Define and explain them:
This material is taken from the website http://en.wikipedia.org
· "Mutual agreement - (see main article offer and acceptance): There must be an express or implied agreement. The essential requirement is that there be evidence that the parties had each from an objective perspective engaged in conduct manifesting their assent, and a contract will be formed when the parties have met such a requirement. (Notice that the objective manifestation requirement means that one need not actually have assented so long as a reasonable person would believe that assent had been granted.) For a contract based on offer and acceptance to be enforced, the terms must be capable of determination in a way that it is clear that the parties' assent was given to the same terms. The terms, like the manifestation of assent itself, ...
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