Any party will agree to do or either not do, particular things in return for promise of other to perform particular things in a certain nature. In a bind for the parties to establish their interests, the parties are required to introduce particular elements of contract itself. Promise is one of the essential elements of any agreement, apparently, not all the promises that can be taken as the binding on party creating them.
Contract Essential features of a valid contract Contracts come in all shapes and sizes. Some are verbal, some are written. Some are formal, some informal. The use of the internet and electronic technology is also becoming increasingly common in the context of forming contractual relationships.
It is, therefore, important to understand the essential features which make a contract valid, binding, and enforceable. What is a contract? A contract is an agreement between two or more parties that is intended to be enforcable.
For a binding contract to be formed there must be: Special rules and principles may apply to contracts that concern specific subject matter, such as employment contracts, the sale of land, and the sale of goods. Must be distinguished from an invitation to treat which is where a party communicates that it is prepared to enter negotiations with a view to forming a contract.
Something must be supplied in return for the promise made by the offeror, eg money. Intention The parties must intend to be bound by the contract. However, performance of the contract may be conditional on other matters occuring. However, a contract that leaves terms to be determined by a third party will not be invalid for uncertainty.
Many contracts require parties to agree to standard terms and conditions. Make sure you read the fine print so that you understand what you are signing up to.
Proving a contract It may be necessary at some point to prove the existence of the contract or explain or efend its actions before a court or some other forum. An oral contract may be whether it was ever formed.
A paper trail is important to proving a written or electronic contract. Care should be taken not to destroy relevant written evidence of a contract.
Enforceability Although a contract may have all of the essential elements, it may not be enforceable because of some other issue, such as: Relief may be granted under the Contractual Mistakes Act where the istake results in a substantially unequal exchange of values.
Remedies for breach Remedies for wrongful failure by a party to perform their obligations under a ontract may include: Damages Generally, damages will be awarded if the loss suffered: The amount recoverable is usually the amount necessary to put the party not in breach in the same position as if the contract had been performed.
Cancellation In addition to damages, common law and the Contractual Remedies Act may allow a party to cancel or affirm a contract where the breach is due to a misrepresentation.
Specific performance This is usually granted for breach of contracts for the sale of land or unique personal property. It is not usually granted if damages are considered an adequate remedy; if they are against or for an infant; or to enforce a contract for personal services.
Statute of limitations The limitation period for all simple contracts is 6 years from the time the cause of action, eg breach, arises. Finally Never sign a contract unless you are sure you understand it.
Generally, you will not be able to get out of it later. If there are any terms you are unsure about get legal advice.In contract law once a legal acceptance is formed a contract gets developed in which case both parties cannot back out of the agreement after the contract has been signed.
There are three rules that need to be followed when creating an acceptance to ensure it is legally bound. Definition of Social Contract Theory. You're likely already familiar with the concept of contracts.
Marriage, citizenship, and employment are all forms of contracts. Many students find essay writing to be an especially daunting task. Depending on the essay topic, research can take anywhere from a few hours to several days and .
Dispensational Theology, Covenant Theology, and Christocentric Theology. A comparison of theological systems noting the overemphases on continuity or discontinuity in .
The Valid Contract Essay; The Valid Contract Essay. Words Sep 19th, 9 Pages. Show More. A valid contract consists of all essential components which present and the court will enforce as a legally binding promise.
One of the elements contract to create a contract is agreement which included an offer and acceptance. “Acceptance is a. Elements Of A Valid Contract Essay Contracts CONTRACTS Stages in the life of a contract: 1.
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