What Are The Three Elements Of A Contract

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Oh the Contracts I have made
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
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One that I feel I was taken some advantage from was an employment offer I took some years ago, where I agreed to a specific salary. The reason why I think I was taken advantage from, was that years after I realized that my job classification called for a salary range, which I could had tried to negotiate. Another occasion was when I applied for a job opening, was made a written offer for the job, and I accepted a position in writing. When I was ready to transfer to the other department, I received a phone call from a human resources specialist that they had decided to have me stay at my current position. I told the representative that I had entered into a written agreement with the company and I had no problem staying in the position but for the salary that was offered to me for the position I had accepted. My current manager at that time indicated to me that she was not going to be able to meet my payment requirements, and so a meeting was called with human resources and the two managers and they came back to me with a job offer from both departments for the payment I was offered for the new position. I ended up taking the new …show more content…
Car purchases, I always read the small letter, financial terms, rates, make sure down-payment amount reflects on the purchase agreement, and that there is warrantee. I know that once I sign the contract that contract I will be liable for it. Also, I always tell my parents to be careful when they sign paperwork because often elderly people become victims of illegal contracts or unfair dealings. I would always recommend written contracts, read through it would because if things are not clear it would be difficult to prove that the other party promise to deliver something. On the other hand, most often written contracts are enforceable by law, and the court will use the contract documents as evidence to enforce or make the other party fulfill their

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