The given set of factors requires a discussion of the rules relating to formation of a contract, particularly focusing on offer and acceptance. According to the section 2(h) of Indian Contract Act 1872, “An agreement enforceable by law is a contract.” There should be two items which are objected to make contract are (i) An Agreement and (ii) Legal Obligation. In section 2(e) defines that, “Every promise and every set of promises, forming the consideration for each others, is an agreement.” From
Words: 1182 - Pages: 5
agreement and contract under the Contracts Act 1950 (Revised 1974) A contract is legally binding agreement reached between two parties, the terms of which the courts have the authority and obligation to enforce. An agreement is less formal creation of an obligation between two parties. An agreement usually lacks one or more of the essential elements that are required to be present in order to form a valid contract that will be considered legally enforceable by curt of law. Contract outline, the
Words: 11539 - Pages: 47
Elements of a Contract BUS670 Legal Environment October 27, 2014 When talking in terms of a contract there are five elements that must exist in order for a contract to be enforceable. “The phrase enforceable by a court is significant because it means that a court can assess monetary damages against a party who does not comply with the terms of the agreement.” (Seaquist, 2012) The criteria that must be present in order to be enforceable are; offer, acceptance, consideration, capacity
Words: 1326 - Pages: 6
Emiliya Mihaylova TASK 1 TASK1.1 Describe the essential elements of a contract. Should a contract have all those elements to be legally enforceable ? What will happen if one of the elements was missing in an otherwise valid contract? Legal Elements of a Contract The essential elements necessary to form a binding contract are usually described as: • An Offer • An Acceptance in strict compliance with the terms of the offer • Legal Purpose/Objective • Mutuality of Obligation – also known as
Words: 913 - Pages: 4
Chapter 9 – Contract Formation SECTION 1 An Overview of Contract Law -promise=commitment, if not doneremedy -contract lawsocial values, interests at a specific point in time -moral obligationlike a promise to do sthhelp a friend with homework -promise that is legally bindingpay for a good that was bought -common lawall covers all contracts, unless changed or replaced by statutory law e.g Uniform Commercial Code (UCC)sales of goods Administrative agencies -service, employment, insurance
Words: 2762 - Pages: 12
Contract Law Notes Contracts ‘A’ Offer - Bilateral contracts - Unilateral contracts - Offers to the public at large What is an offer? - Mere puff - Supply of information - Invitation to treat Categorizing transactions - Advertisements a) Advertisements in a catalogue or a curricular b) Advertisements in newspapers or magazines c) Advertisements appearing on the internet d) Display of goods - Auctions a) Advertisement of
Words: 20964 - Pages: 84
This question is to discuss about whether Samuel needs to pay for the price of the wireless router delivered to him according to the law of contract. This case is about offer and acceptance of negotiating an agreement. The issue is that whether Samuel had accepted the wireless router when he opened the parcel of the wireless router. Legal principles An offer is a definite promise made by the offeror to the offeree who is a specific person or some specific persons with the intention of the offeror
Words: 833 - Pages: 4
Employment contracts are entered usually before employment begins and offer protection for both employers and employees, although contracts usually favor the employer. Employment contracts often contain key advantages for the employer, such as establishing an employee's minimum employment length. If were to sign an agreement to not work for a competitor during the two year period while employed under a contract with a company or 2 years after employment within the same metropolitan area this is only
Words: 1124 - Pages: 5
A Contract is a legal binding with the presence of (Offer, Acceptance, Intention and consideration) four essential elements. Essential Elements are as under; 1. Offer(proposal) It is starting point from where an agreement gets life formally which ultimately may take the shape of a legally binding contract. Offer means the formal expression of intention or willingness of one party to another to do or to refrain from doing an act in order to obtaining the assent of the other party to such act
Words: 582 - Pages: 3
consideration that is required for contract. Step 2: An agreement is a compilation of acceptance and offer that both parties are able to agree on. An agreement is not able to form without the two components. An offer must be concise to the extent where it may be easily be approached to the other party to contract, which make the offer a legally binding document. An offer must be completed thoroughly and promissory, only then it can be considered an offer. A completed offer is defined as both party
Words: 3252 - Pages: 14
