Elements of a Contract and Considerations

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http://www.lawhandbook.org.au/07_01_02_elements_of_a_contract/

https://www.l4sb.com/blog/detrimental-reliance-oral-contract/

What are the elements of a contract?

The elements of a contract entail an offer to enter the contract, an acceptance from the other party of the offer, the intention by both parties to engage in a legally binding agreement, a transference of goods, services, etc., and the capacity to legally enter a contract. The person must be legally capable of consenting to the contract. Therefore, I will first explain the initial offer, this represents a promise by one party to be bound by terms of an agreement wherein they offer to sell, provide services for a fee, or any other form of transfer of goods or services in which the other party accepts their offer. After the offer has been made and an acceptance has been accepted for what was precisely offered, the two parties have indicated their intent to engage in a legally binding contract. The acceptance is predicated upon an unequivocal acceptance that leaves no doubt that the other party has intended to accept the offer.

When the contract agreement has been made between the offeror and the offeree, there must be inferred circumstances that solidify the legal binding of the contract and these don't have to be explicitly stated but the actions must infer that both parties intend upon legally carrying out the contractual obligations under the agreement. In regard to capacity to consent for a contractual agreement, this is contingent upon the person ...