Explore BrainMass
Share

Summary of the 5 elements of a contract

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

Give a quick summary of the 5 elements of a contract and why they are so important.

© BrainMass Inc. brainmass.com October 16, 2018, 9:39 pm ad1c9bdddf
https://brainmass.com/business/business-law/summary-of-the-5-elements-of-a-contract-192724

Solution Preview

Use has been made of information at the following sites:
http://www.expertlaw.com
http://www.pbs.org/standarddeviantstv/transcript_business.html#whatis

A quick summary of the five elements of a contract and why they are so important.
A contract is a legally enforceable promise or set of promises.

Elements of a contract:

1) A "Meeting of the Minds" (Mutual Consent): The parties to the contract have a mutual understanding of what the contract covers. For example, if there is a contract for the sale of "mustang", and if the buyer thinks that he will receive a car, whereas the seller believes that he is entering into a contract to sell a horse, there is no meeting of minds and the contract will likely be held unenforceable.

2) Offer and Acceptance: The contract involves an offer (or more than one offer) to another party, who accepts the offer. For example, in a contract for the sale of a computer, the seller may offer the computer to the buyer for $2,500. The buyer's acceptance of that offer is a necessary part of creating a binding contract for the sale of the computer.

The offer is a proposal made by one person ...

Solution Summary

The solution gives a summary of the 5 elements of a contract and explains why they are important .

$2.19
Similar Posting

Article Review

Using the Internet, locate an article specifically related to the elements of contract formation. Prepare a 400-700-word review of the article. Be sure to properly cite and reference the article in your review, along with any additional sources that you use.

1.Summarize the article
2.Identify the legal business issue(s) raised in article
3.Discuss how the legal issue(s) affect business give example
4.Could the problem have been avoided? Explain
5.Discuss realistic solutions supported by sound legal and business principles.

View Full Posting Details