Case Study: Law of Contract
Name
Institution
Case Study: Law of Contract Introduction
This piece of writing is meant to prove Jim and Laura not answerable to any form involvement in any form of contract as claimed by Stan. In case of an attempt to enter into a contract the essentials of a contract must be adhered to. The prevalent essentials that would prove an occurrence of a contract are offer, acceptance, consideration, mutuality of obligation, competency and capacity, writing requirement and contract formation under U.C.C.
Discussion
According to the statutory law of contract Jim and Laura did not make any contract that can be attested to in a court of law. The following is an explanation on elements of a contract. Statute of frauds describes various types of contracts that must be in writing in case of any attempt to enforce the later. The statute is designed to protect the parties that would be accused of breach of contract (Anson, Beatson, Burrows & Cartwright, 2010). A contract that doesn’t exist in form of writing is declared as nonexistent agreement. If the only evidence of contract that …show more content…
The individual who enter into a contract must possess legal capacity. If the party involved is mentally ill, intoxicated or a minor the later can’t be held rensipossible. Depending on the jurisdiction, a person under the age of 18 or 21 is defined as minor (O 'Sullivan & Hilliard, 2014). A contract with a minor stands a chance of being null and void when the minor takes affirmative act revoking the contract. According to the law, the minors are too immature to negotiate equal terms with adults. They are defined as lacking mental capacity to enable them have binding contract. If any contract was made between the Stan and Jim and Laura, then it happens that Jim and Laura are minors considering they are students, clearly Stan would lose any bid binding the terms of the
Name
Institution
Case Study: Law of Contract Introduction
This piece of writing is meant to prove Jim and Laura not answerable to any form involvement in any form of contract as claimed by Stan. In case of an attempt to enter into a contract the essentials of a contract must be adhered to. The prevalent essentials that would prove an occurrence of a contract are offer, acceptance, consideration, mutuality of obligation, competency and capacity, writing requirement and contract formation under U.C.C.
Discussion
According to the statutory law of contract Jim and Laura did not make any contract that can be attested to in a court of law. The following is an explanation on elements of a contract. Statute of frauds describes various types of contracts that must be in writing in case of any attempt to enforce the later. The statute is designed to protect the parties that would be accused of breach of contract (Anson, Beatson, Burrows & Cartwright, 2010). A contract that doesn’t exist in form of writing is declared as nonexistent agreement. If the only evidence of contract that …show more content…
The individual who enter into a contract must possess legal capacity. If the party involved is mentally ill, intoxicated or a minor the later can’t be held rensipossible. Depending on the jurisdiction, a person under the age of 18 or 21 is defined as minor (O 'Sullivan & Hilliard, 2014). A contract with a minor stands a chance of being null and void when the minor takes affirmative act revoking the contract. According to the law, the minors are too immature to negotiate equal terms with adults. They are defined as lacking mental capacity to enable them have binding contract. If any contract was made between the Stan and Jim and Laura, then it happens that Jim and Laura are minors considering they are students, clearly Stan would lose any bid binding the terms of the