Essential Elements Of Contract Law

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Introduction In the systems of common law, a contract refers to an agreement entered into legally by different parties relating to a particular object or objects intended to the creation of legal obligations among them. In particular aspects, contracts are known as agreements. Contracts may be expressed orally, written or by conduct. In any case of breach of contracts, the remedy is called damages, which may be in the form of a particular act or performance or money compensation. The payment is deemed to benefit the party at a loss. The parties to a contract can be natural or juristic. Contract law is different in various jurisdictions such as the civil law and the common law. Essential elements of a valid contract The essential elements of…show more content…
The consideration given does not have to be fair. Bargain by one party to the contract in terms of the quantity of compensation is not subjected to legal court intervention unless there exists fraud or unacceptable conducts. Consideration, therefore, acts as the value of a contract. It brings the difference between a mere gift and a contract as the former is a voluntary act, and its breaching is not enforceable in the law courts. The only exception to the consideration rule is for the goods of a seal. 3. to . A mere agreement between two or more parties does not guarantee the existence of a contract. The contracting parties should have the intentions to enter into an agreement that is legally binding. It is thus necessary for the parties to a contract to create a legal relationship. An absence of such intentions to create legal relations would result in the filing of a lawsuit. The parties may, however, decide for themselves not to have the contract legally enforceable. In such a case, the contract is not subject to judicial intervention.…show more content…
They also ensure that no party to a contract is subjected to exploitation by the other party. Case study The terms laid down between Dilon, and Joe is valid. Dilon has the intention of contracting Joe and thus gives an offer. He writes up his terms and conditions of the contract that he sends to Joe, who fills in indicating acceptance. Joe, through his actions, expresses approval to contract with Dilon. He goes to Parts Co Company to find out about the parts he requires for his job that creates the existence of an implied
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