Essay on The Key Elements Of Contract

1477 Words Dec 1st, 2016 6 Pages
A contract is an agreement which is held between two or more parties which is enforceable by law.
To form a contract there are some rules which have to be fulfilled before forming a contract and these are the basic requirements to form a contract.
An agreement: held between two parties one give the offer and the other accept it.
An intention: an agreement in which you are legally bound.
Certainty: according to the terms of agreement
Capacity: to form a contract
Consideration: provided between both parties and it is the exchange of something. The key elements of contract are as follows:

Offer
An agreement
Consideration Acceptance
Legal intention

Offer:
An offer is like a communication in which the offerer indicates the term of contract and gives the proper information to offeree.
Offerer: the person who make the offer
Offeree: the person who receive the offer
Example :
An offer is expressed when Ann told Ben that she have to sale her CD player for 300£. It is an offer from Ann to Ben. Ann is the offerer and the Ben is the offeree.
Acceptance:
Acceptance can often be in oral form and in written. Acceptance means an agreement which is unconditional to the terms of the offer. Acceptance is the accept the offer by offeree which is given by offerer.
Example:
At Brogden v Metropolitan rail co (1877) for several years brogden supplied railway company without any formal agreement then both…

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