Contract

In view of an enforceable contract five specific elements must be in place. These elements can make the difference between an enforceable or unenforceable contract. According to Seaquist (2012, chapter 9.2), a contract must contain at least one promise that are enforceable, however, not all promises rise to the level of a contract. The five elements need to be present for the contract to be valid. These elements include offer, acceptance, consideration, capacity, and legality. In addition, this…

Contracts are promises, offers, and/or agreements made between two or more parties that becomes legally binding and enforcing (Kubasek, p.304). Regarding the situation of Sam Stevens, he created a new security protection inside his apartment, verbally agreed to have it sold from a chain supply store, and then was notified of eviction due to his security protection disturbing the surrounding neighbors. Between Sam and the store, there was never a signed contract made, but as stated above, Sam did…

a clause in the reference document, it does not inevitably follow that that clause will be incorporated into the reinsurance contract. The clause could be entirely inapplicable in the reinsurance contract. Due to this, the courts have developed rules that have to be met, so as to ensure that only appropriate and applicable terms are incorporated into reinsurance contracts. As explained by Thomas (2015, p. 46), “In HIH Casualty & General Insurance Ltd v New Hampshire Insurance Co [2001] 1…

Amy entered into a contract to rent to own a home theater setup and later while window shopping she found the same system to buy for $1000. After unsuccessfully trying to cancel her contract with High Note, she alleges that the contract is unconscionable because it calls for a sales price several times greater than the prevailing market price of the Alpo XL2. Unconscionable contract simply means one party of the contract benefits substantially over the other one (Cheeseman H. R., 2012, pp.…

ESSENTIAL COMPONENTS FOR A VALID CONTRACT IN ENGLISH LAW INTODUCTION To have a binding contract there must be vital components for a valid contract in English law, an offer and acceptance are crucial, and in the conditions from the question; one party has to make an offer which is then accepted by the other party. The binding contract is habitually supported by intention to create legal relations and consideration. ISSUE Were Ron and Julie in a contractual position, due to whether sally made an…

conditions in order to sale particular. This may include an agreement or warranty when goods are purchased. Though we can form a contract with anyone under the age of 18 but there are certain factors that a person forming the contract must be aware of. If a minor has to enforce a contract, He/She must fulfill some prerequisites. The most important requirement is capacity to contract because a minor is regarded as not having enough understanding about questions involving contractual rights.…

Contract Creation and Enforcement Contracts are the critical elements of the everyday business operations, as they clearly define the positions of each party. Nonetheless, some legal issues have a tendency to exist due to the complicated structure and the vitality of the particular elements for the contract creation. The primary purpose of this paper is to discover the nature of the contract formation and enforcement by analysis the essential elements for the contract establishment, Statute of…

Professional Contract Formation The idea of creating a contract is to have two or more parties agree to something. This idea is to protect those involved in the exchange. For many circumstances, when dealing with contracts, it can become a hassle, this especially true for agreements without paper written contracts. Such situations can end up in court, this to allow the law to figure out who is right or wrong. With a written contract, the courts or laws can decide who benefits from the terms of…

Contract law is a branch of law that deal with agreements signed between two or more parties usually in a business transaction which is legally binding and both parties have interests over it. All legally confined contracts should portray the necessary elements of a contract. One of the elements is mutual assent-the parties should agree on an offer and acceptance basis for the contract to be valid. There should also be consideration either by one party affirming that I will do as the contract…

Since an offer can only be revoked before an acceptance, Jack was only able to enter into contract with another party if Blair and Chuck had not already accepted the contract. However, as the letter was posted on the 21st, according to postal acceptance rule, acceptance will be complete when letter is posted, even if acceptance is lost in the post and offeror never receives it, there is a contract on the date of posting. This was developed on the basis that an offeror who is prepared to accept…