Enforcement And Voidable Contract Analysis

1165 Words 5 Pages
Contract Creation and Enforcement Contracts are the critical elements of the everyday business operations, as they clearly define the positions of each party. Nonetheless, some legal issues have a tendency to exist due to the complicated structure and the vitality of the particular elements for the contract creation. The primary purpose of this paper is to discover the nature of the contract formation and enforcement by analysis the essential elements for the contract establishment, Statute of Frauds, legal and equitable remedies, and void, voidable, express and implied contracts.
Essential Elements of Contract Contracts play the role of regulators of sufficient relations in the business world (Emerson, 2009). Nonetheless, the contracts
…show more content…
Void implies that the contract remains illegal due to its controversial and immoral nature, which does not comply with the business law and human rights (Helewitz, 2010). In this case, it can violate the structure of each element due to the nature of the void. The lack of the presence of any element makes contract void. Nonetheless, it usually questions the ability of the contract to emphasize the significance of the human rights. As for the voidable contract, it is originally enforced. However, it could be annulled due to misinterpretation of the points or lack of the essential elements of the contracts (Helewitz, 2010). In this case, the essential elements of the contract formation and validity might have some misconceptions. The lack of clear definition of an agreement, offer, consideration, and acceptance are the primary reason for the definition of the voidable contract, as these aspects create misinterpretation of the responsibilities and obligations of each …show more content…
Express contract clearly defines the rights and obligations of each party in the written format or orally (Ashcroft, Ashcroft, & Patterson, 2013). In this case, the express contracts are actively implemented in the business world, as it helps people avoid risks while complying with the aspects and fundamentals of the business law. In turn, the implied contract states that some of the obligations and aspects are not written on the paper, but not require the written confirmation, and they are implied by the acts (Ashcroft, Ashcroft, & Patterson, 2013). These type of contracts is also actively implemented. Various contests and lotteries use the principles of implied contracts, as each participant knows his/her ability to win the prize (Miller & Hollowell, 2010). In the end, the differences of these types of the contracts are beneficially implemented in the business

Related Documents

Related Topics