Essential Elements Required for the Formation of a Valid Contract
1.1 Explain the importance of the essential elements required for the formation of a valid contract
A valid contract is a contract that complies with all the essentials of a contract and is binding and enforceable on all parties (Investorwords, n.d).
Essential elements of the contract:
- Agreement = Offer + Acceptance
- Consideration
- Intention to create legal relations
A. AGREEMENT = OFFER + 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. The parties have made an agreement, to create an binding contract.
offer là 1 nhân tố đảm bảo contract legally valid vs acceptable để make 1 offer cần ít nhất 2 parties tham gia. Nếu offer đc châp nhận thì sẽ là valid contract. Điều này quan trọng vì mỗi party sẽ biết đc cái gì đc being offer và ng ta sẽ nhận lại đc gì thứ 2 là acceptance sễ ko có contract nếu parties vẫn phải discusing về cái offer ở trên. Vậy nên việc đưa ra acceptance ngay khi đã đọc kĩ các rule là rất quan trọng
Offer – offeror who making the offer - offeree who accept the offer
Acceptance: an expression of absolute and unconditional agreement to all the terms set out in the offer. It can be oral or in writing. The acceptance must exactly mirror the original offer made. B. CONSIDERATION
A consideration is a worth consideration which may involve right, interest, profit or benefit of one party which come from any forbearance, detriment, loss or responsibilities occurred and after being experience of the promise
- Executory consideration: exchange of promises to perform acts in the future
- Executed consideration: make the promise when that act is completed
thứ 3 là consideration cái này là cần thiết để contract legally valid. Bởi vì nó la sự trao đổi giữa promisee và promissor nên chỉ cần 1 trong 2 bên ko đạt được thỏa thuận sẽ dẫn đến no contract (phần này thì e sẽ tìm thêm) Past consideration is no consideration (not
A valid contract is a contract that complies with all the essentials of a contract and is binding and enforceable on all parties (Investorwords, n.d).
Essential elements of the contract:
- Agreement = Offer + Acceptance
- Consideration
- Intention to create legal relations
A. AGREEMENT = OFFER + 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. The parties have made an agreement, to create an binding contract.
offer là 1 nhân tố đảm bảo contract legally valid vs acceptable để make 1 offer cần ít nhất 2 parties tham gia. Nếu offer đc châp nhận thì sẽ là valid contract. Điều này quan trọng vì mỗi party sẽ biết đc cái gì đc being offer và ng ta sẽ nhận lại đc gì thứ 2 là acceptance sễ ko có contract nếu parties vẫn phải discusing về cái offer ở trên. Vậy nên việc đưa ra acceptance ngay khi đã đọc kĩ các rule là rất quan trọng
Offer – offeror who making the offer - offeree who accept the offer
Acceptance: an expression of absolute and unconditional agreement to all the terms set out in the offer. It can be oral or in writing. The acceptance must exactly mirror the original offer made. B. CONSIDERATION
A consideration is a worth consideration which may involve right, interest, profit or benefit of one party which come from any forbearance, detriment, loss or responsibilities occurred and after being experience of the promise
- Executory consideration: exchange of promises to perform acts in the future
- Executed consideration: make the promise when that act is completed
thứ 3 là consideration cái này là cần thiết để contract legally valid. Bởi vì nó la sự trao đổi giữa promisee và promissor nên chỉ cần 1 trong 2 bên ko đạt được thỏa thuận sẽ dẫn đến no contract (phần này thì e sẽ tìm thêm) Past consideration is no consideration (not