Essential Elements of a Contract
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What are the essential elements needed to create a legally binding contract?
What remedies would you have as a party to a contract when the other party fails to perform its obligations as set out in the contract?
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Solution Summary
In terms of contracts, this solution identifies and discusses the essential elements needed to create a legally binding contract. It also overviews the remedies that a person would have as a party to a contract when the other party fails to perform its obligations as set out in the contract. Updated information on February 2, 2009 with credible sources.
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Also see response attached, but the updated information is more recent with credible sources. I hope this helps and take care.
UPDATED INFORMATION: February 2, 2009
1. What are the essential elements needed to create a legally binding contract?
The three essential elements are an offer and acceptance and consideration.
Generally, as long as the basic elements of an offer and acceptance with consideration are present, the parties have a valid and binding contract. There is no requirement that the contract be in writing except in certain special situations such as the sale of land. However, the problem with relying on the verbal exchanges of the parties, it may prove difficult and in some cases impossible to determine precisely the terms of the contract if there in fact is a contract. If the court can not with reasonable certainty determine the terms that the parties have agreed to, the court can not enforce the alleged contract. Therefore, for these reasons, it is best to have a contract in writing although writing itself is no assurance that the alleged contract is clear and precise (http://www.e-law.bc.ca/art_essential.html).
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2. What remedies would you have as a party to a contract when the other party fails to perform its obligations as set out in the ...
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