Comment on the essential elements of a valid contract and the importance of each.
Discuss this statement and, using both case law and legal principles, comment on the essential elements of a valid contract and the importance of each.
To a certain extent this statement is true but it is only one element of a valid contract to explain please find following all elements and conditions within a valid contract.
Is to enter into a relationship or agreement between two or more parties that create in each party a duty to do or to refrain from doing something. Normally this means one party making an offer and the other accepting it. Then if one of the parties or persons fails to keep his or her promises, the other is entitled to legal recourse against that person or parties.
Unilateral and Bilateral Contracts
There are 2 forms of contract either Unilateral or Bilateral. The most common is bilateral this is the exchange of mutual, joint promises between persons that entails the performance of an act, or refraining from the performance of an act, with regard to each party. It is also called a two-sided contract because of the two promises that form it.
Unilateral contracts involve a promise made by one party only. This normally involves the offeror promising to do a certain thing if the offeree performs an act. This is a one sided contract because only the offeror, who makes the promise, with be legally bound. The offeree can perform or refrain from performing the act but cannot be sued as he / she did not make any promises.
An example of an unilateral contract would be a agreement whereby D promises 50 pounds to P if P finds and return's D's lost cat.
What is a valid Contract?
This is a contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it. It is also a myth that all contracts must be in writing. Although it is wiser to have the term written to save future misinterpretation and errors it is not necessary.