Elements to Form a Contract
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1. What are the four elements necessary to form a contract?
2. What is the impact of legal capacity on any of the three elements?
3. How can a deficiency in legal capacity related to contract formation be corrected?
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1. What are the four elements necessary to form a contract?
a) There must be a meeting of the minds of both parties demonstrating that they both agree to the essentials of the contract.
b) There is a consideration or something of value exchanged by each of the parties such as goods, cash, or a promise to do something.
c) There is an agreement to enter into the contract evidenced by a signed written contract but in some cases, oral contracts can be valid too.
d) There must be legal competence of the parties concerned, they are not minors and are of sound mind.
2. What is the impact of legal capacity on any of the three elements?
Meeting of the minds or otherwise known as 'mutuality ...
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