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The Four necessary variables for Contract Law

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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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Solution Summary

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.

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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 ...

Solution provided by:
Raushaun Rigsby, MSc
Education
  • Associates of Arts , Lone Star Community College
  • Bachelor of Science , Sam Houston State University
  • Masters of Science, Kaplan University
  • Masters of Science , Kaplan University
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