Aspects Of Contract
ASPECTS OF
CONTRACT AND
NEGLIGENCE OF
BUSINESS
Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract?
Offer
A valid offer identifies the bargained-for exchange between the parties and creates a power of acceptance in the party to whom the offer is made. The communication by one party known as the offeror to the another party called the offeree
b) Acceptance
To constitute a contract, there must be an acceptance of the offer as noted above. Until the offer is accepted, both parties have not assented to the terms and, therefore, there is no mutual assent.
offeree in a manner invited or required by the offer. Whether an offer has been accepted is a question of fact. The effect of acceptance is to convert the offer into a binding contract.
To form a contract it is necessary that there is a party capable of contracting and a party capable of being contracted with on the other side. In other words, to enter into a valid, legal agreement, the parties must have the capacity to do so.
Consideration
No contract will exist without sufficient consideration due to agreement with the other two party has agree with the term and condition as well.
Mutual Assent
There must be mutual assent or a meeting of the minds on all negotiated terms between the parties and on all the essential elements in terms of the contract to form a binding contract.
Intention to create legal relation
In some jurisdictions, the parties must also have a present intent to be bound by their agreements. It is not necessary that the assent of both parties be given at the same time. Also, it is not necessary that communication of the assent be simultaneous.
Task 1.2: Discuss the impact of different types of contract?
A bilateral contract is an agreement between at least two people or groups. A bilateral contract is enforceable from the get-go; both parties are bound the promise.
For example, one
CONTRACT AND
NEGLIGENCE OF
BUSINESS
Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract?
Offer
A valid offer identifies the bargained-for exchange between the parties and creates a power of acceptance in the party to whom the offer is made. The communication by one party known as the offeror to the another party called the offeree
b) Acceptance
To constitute a contract, there must be an acceptance of the offer as noted above. Until the offer is accepted, both parties have not assented to the terms and, therefore, there is no mutual assent.
offeree in a manner invited or required by the offer. Whether an offer has been accepted is a question of fact. The effect of acceptance is to convert the offer into a binding contract.
To form a contract it is necessary that there is a party capable of contracting and a party capable of being contracted with on the other side. In other words, to enter into a valid, legal agreement, the parties must have the capacity to do so.
Consideration
No contract will exist without sufficient consideration due to agreement with the other two party has agree with the term and condition as well.
Mutual Assent
There must be mutual assent or a meeting of the minds on all negotiated terms between the parties and on all the essential elements in terms of the contract to form a binding contract.
Intention to create legal relation
In some jurisdictions, the parties must also have a present intent to be bound by their agreements. It is not necessary that the assent of both parties be given at the same time. Also, it is not necessary that communication of the assent be simultaneous.
Task 1.2: Discuss the impact of different types of contract?
A bilateral contract is an agreement between at least two people or groups. A bilateral contract is enforceable from the get-go; both parties are bound the promise.
For example, one