Name valid contract yours name professor's name [optional] university elements for a valid contract to exist a valid contract does not need to be legally valid, it can be written in simple english and fulfill the needs of all the parties involved in that contract. Essential elements of a contract essay consideration is when party agrees to the terms of a contract consideration is the fundamental part of any valid contract. Essay uk offers professional custom essay writing, dissertation writing and coursework writing service our work is high quality, plagiarism-free and delivered on time essay uk is a trading name of student academic services limited , a company registered in england and wales under company number 08866484.
The essential elements of a valid contract are: 1 proper offer and proper acceptance in order to create a valid contract, there must be a 'lawful offer' by one party and 'lawful acceptance' of the same by the other party. An agreement must contain four essential elements to be regarded as a contract if any one of them is missing, the agreement will not be legally binding. 12 conclusion of the elements in a valid contract therefore it is important to have the main elements in a contract only if there are all the main elements in a contract then it would be legally valid to make a contract. essential elements of a valid contract introduction: in this part of my assignment i will be detailing what the different elements of a valid contract are whilst also linking it in with my own contract.
In this part of my assignment i will be detailing what the different elements of a valid contract are whilst also linking it in with my own contract the contract i have decided to use is my mobile phone contract from vodafone. This essay has been submitted by a law student this is not an example of the work written by our professional essay writers essential elements of a valid contract. A contract has been defined in section 2(h) as an agreement enforceable by law to be enforceable by law, an agreement must possess the essential elements of a valid contract as contained in sections 10, 29 and 56 according to section 10, all agreements are contracts if they are made by the.
A contract is a legally binding exchange of promises or agreement between parties that the law enforce it does not prescribe the rights and obligations of the parties a contract does not need to be in writing to be enforceable we will evaluate the offer, acceptance, and legal consideration. The requisite elements that must be established to demonstrate the formation of a legally binding contract are (1) offer (2) acceptance (3) consideration (4) mutuality of obligation (5) competency and capacity and, in certain circumstances, (6) a written instrument.
Excerpt from : contract law exists to ensure that agreements between two or more parties are honored by every party in this regard, contract law is based on the principle that agreements between two parties are legally enforceable since every part needs to honor his/her part of the deal. The contract between span and c-s is a legal valid contract with all the elements essential in making it binding and enforceable an offer was presented containing a specific promise and a specific demand a consideration of valuables by c-s to pay $6 million to span for providing them the software, the offer has been accepted by written. Essential elements of a valid contract in business law are explained below: according to sec 10, all agreements are contract if they are made by the free consent of parties competent to contract for a lawful consideration and with a lawful object and are not expressly declared to be void.
A valid contract, in essence, is the agreement between its partiesdiscuss this statement and, using both case law and legal principles, comment on the essential elements of a valid contract and the importance of each. The purpose of this assignment is to underline what is a contract and the main elements for a valid contract create by the law by definition, a contract is an agreement between two or more persons, and is enforceable by a court of law or equity. Elements of a contract bus 670 legal environment abstract in order for a contract to be valid, it must meet certain standards contracts can be formed by two parties for multiple reasons, but must hold up to the same standards in court to be valid. If the contract involves a sale of goods (ie items that are movable) between merchants, then the acceptance does not have to mirror the terms of the offer for a valid contract to exist, unless: (a) the terms of the acceptance significantly alter the original contract or.
Does a contract have to be in writing in a few situations, contracts must be in writing to be valid state laws often require written contracts for real estate transactions or agreements that will last for more than one year. A valid contract normally contains the following five basic elements (i) intention to create legal relations it is generally presumed that in a commercial transaction, the contracting parties must have the intention to create a legally binding contract. To be enforceable by law an agreement must possess the essential elements of a valid contract as laid down by sec 10 of contract act in the following terms 'all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, [.