The Contract Agreement For A Contract Essay
When two parties reach an agreement in exchange for something of value there is contract in place. A contract could be written or verbal although a written contract is considered to be more bounding or enforceable. Each person is bound to fulfill their corresponding part of the contract. If either of the parties fails to fulfill their corresponding part the contract will be considered as breached. Examples of contracts are rental agreements on a property, a promise to bring your kids to the movies on Friday night or marriage.
Offer, acceptance, and considerations are the three elements of a contract. A contract becomes legally binding when one party makes and offer and the other party accepts the offer. A contract would also include an exchange of consideration, which means in the exchange process there is two things of value, one party gives something, and the other party would give something in return. For example, when you buy something in the store you pay for it. Both parties of the contract must be competent. “In United States law, competence concerns the mental capacity of an individual to participate in legal proceedings or transactions, and the mental condition a person must have to be responsible for his or her decisions or acts. Competence is an attribute that is decision specific.” (Wikipedia, 2016)
I have entered into contract agreement hundreds of times in my life, from apartment rental, home purchase, auto lease and…