What are the four elements necessary to form a contract? What is the effect of legal capacity on any of the three elements? How might a deficiency in legal capacity, related to contract formation, be corrected?
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The four main elements that are necessary when forming a contract are competent parties, legal justification or purpose, and acceptance and offer, as well as consideration. If the contract is deficient in legal ...
This solution discusses the necessary elements for Contract Law including the four main components responsible for establishing a valid contract. Competent parties, legal justification or purpose, and acceptance and offer, as well as consideration are briefly described with an explanation given for the consequences of a contract not possessing legal capacity on any of the four elements and how this can be potentially rectified.