Essay on Contract Elements Of Contract Formation

756 Words 4 Pages
This contract is a bilateral contract, according to Bilateral Contract (n.d.); “a bilateral contract contains a promise by each party to fulfill certain obligations to complete the deal” (Bilateral Contract, n.d.). This contract will talk about the six elements of contract formation, factors/restrictions of this contract, and the ethical issues of this contract.
Six Elements of Contract Formation According to Elements of a Contract (n.d.), there are six elements of contract formation. They are: capacity, mutual assent, consideration, lawful purpose, certainty of terms, and mutuality of obligation (Elements of a Contract, n.d.). This contract will give a definition of each one of these.
Capacity
According to Elements of a Contract (n.d.), in order to be able to sign this contract you must have capacity about what you are signing. In order to have capacity, you must be competent and over the age of 18. If you are underage or incompetent, this contract will become void. If a contract is void, it is not enforceable because in the eyes of law, it never existed. Incapacity can arise from being under the age of 18, insanity, and drunkenness (Elements of a Contract, n.d.).
Mutual Assent According to Elements of a Contract (n.d.), there are three parts to mutual assent they are: offer, acceptance, and meeting of the minds. Our offer to you is that you stay in school while working for us, we will work around your school schedule to make sure that you have time to work and go to…

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