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Essential Elements Of A Valid Contract Essay

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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 a contract refer to the distinct features of a valid contract. For a contract to be termed valid, it has to possess such elements. The elements of a valid contract include: 1. Offer and acceptance For a valid contract to be formed, there must be aspects of offer and acceptance between the parties of the contract. There must be a mutual consent arrived at by the parties to the contract.
The will to accept the terms and conditions of the contract should not alter the terms of the offer. This rule is called the mirror image rule. An acceptance that changes the offer terms is a counteroffer that leads …show more content…

Importance of the elements of a valid contract The essential elements of a valid are significant to the formation and existence of the contracts. They serve the general purpose of making contracts valid and also help separate contracts from other promises. The element of consideration is important in that it creates the value for the contract. Through it, the promisor is protected from the liability of granting and false promises. Offer is essential as it is used to hold the promisor liable for a promise given even if there is no consideration

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