ASPECTS OF CONTRACT LAW 1

Topics: Contract, Contract law, Meeting of the minds Pages: 4 (1103 words) Published: April 24, 2015
ASPECTS OF CONTRACT LAW
1) A contract by definition is a form of agreement that binds two or more parties who can involve in a legal relationship and will be bound to perform according to the terms and conditions that are agreed upon in the contract. 2) The essential elements of a contract are:

Agreement: it is determined by the regulations of offer and acceptance. It is the most essential element and the very first one. An agreement is made when the offerer proposes his offer and the offerree accepts it. Consideration: it is usually a worthwhile for each party. It is necessary for an agreement to have this. They are the obligations that put to assumption by each party. Intention to create legal relations: this is the final promise for the want to be legally binding. 3) The importance of the elements.

a. Offer and acceptance: it is the main purpose of a contract. It shows that the parties have come to an agreement. b. An intention to create legal relations: This doctrine is has strong rebuttable presumption in the most commercial agreements that the parties should have intention for formation of legally binding relationship. c. Consideration and privity of contract: it determines the existence of a contract. It contains a valuable being money or anything else. d. Legal capacity: a party cannot enter into a contract if they are incapable by law. For eg: intoxicated, insane or minors. They must be competent. They should clearly be capable of understanding the terms and conditions of a contract. 4) The significant differences between contracts made by:

Face to face: A face to face contract implies communication of gatherings before one another and verbal offer and acknowledgement is imparted one another. This is a simpler type of agreement and more dependable in which the offeror and offerree both are sitting before one another and there is no risk of any distortion. The reasonable comprehension of terms and conditions are talked about and well...

Bibliography: http://www.answers.com/Q/Explain_the_importance_of_offer_and_acceptance_in_forming_a_contract
http://www.mpuu.org/archives/252
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