Task: 1.1: Explain the importance of the essential elements required for the information of a valid contract?
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
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.
No contract will exist without sufficient consideration due to agreement with the other two party has agree with the term and condition as well.
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 person agrees to wash the other’s car in return for having his/her lawn mowed. Acceptance of the offer must be communicated for an agreement to be established. A unilateral contract is one where a party promises to perform some action in return for a specific act by another party, although that other party is not promising to take any action. Acceptance may take effect through conduct and need not be communicated
Task 1.3: Analyse terms in contracts with reference to their meaning and effect?
Terms of contract set out duties of each party under that agreement. Generally, the terms of a contract may be either: Wholly oral, wholly written and partly oral and partly written. Terms are to be distinguished from statements made prior to the contract being made.
When a contract is put down in writing, any statement appearing in that written agreement will usually be regarded as a term, and any prior oral statement that is not repeated in the written agreement will usually be regarded as a representation, due to the assumption
These are terms that courts assume both parties would have intended to include in the contract had they thought about the issue. They are implied on a “one-off” basis. Two overlapping tests have been trade used to ascertain parties’ intention. Business efficacy test: terms must be implied to make contract work.
There are terms which the law will require to be present in certain types of contracts (i.e. not just on “one-off” basis and sometimes irrespective of the wishes of the parties).
Task 2.1: Apply the elements of contract in given business scenarios?
Offer can be seen from the case when Tam’s college offers admission to it student who under take s the vocational qualification.
Acceptance can also be seen from the student when they agree to bound by the school regulations. Consideration is when the student promise to act in certain way. This is particularly important where the...
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