Nobody downloaded yet

Importance of Contract Formation - Term Paper Example

Comments (0) Cite this document
Summary
This research paper, ‘Importance of Contract Formation’, presents a clear view of what are the essential forming elements of a contract and what would be the consequences of not considering, or missing any of these elements. The formation of a contract becomes very significant…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
Importance of Contract Formation
Read TextPreview

Extract of sample "Importance of Contract Formation"

Download file to see previous pages Any offer, forming these elements, is legally binding. The right of the contracting parties is to get the contract fulfilled in their favor, and to perform only those acts as obligations, which are mentioned in a contract, and not more or less than that. That is how, the formation of a contract, with its essential elements, becomes very significant.
Simply defined in law, ‘a contract is an agreement or a promise, enforceable by law, which has the power and capacity to be legally binding’. It is between two or more parties. It could be oral, in writing, through electronic means, or a combination of one or more of these means of a contract. Contract law is based on the principle that is expressed in the Latin phrase, ‘pacta stunt servanda’, which means, ‘agreements are to be kept’.
There could be many kinds of contracts such as a sales contract, a partnership contract, a mortgage contract, a rental contract or a marriage contract. Business contracts are considered to be in writing, essentially, to be legally valid. “Social contracts have long been characterized as appealing to either actual consent or Ideas for legitimacy. Jean-Jacques Rousseau, however, appeals to both, hence gaining the benefits of two approaches.”. Contracts have been used to shape and regularize personal and family matters also, since long. “Contract has long been used to shape and facilitate non-commercial, personal or family relations. Casebooks are replete with examples of ‘bait promises’.”
 Intention to create a legal relationship, which means that both or all the parties to contract must have an intention to enter into a legal relationship. This intention could be express or through conduct but it is considered better if the intention is mentioned expressly in the contract.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Importance of Contract Formation Term Paper Example | Topics and Well Written Essays - 1250 words”, n.d.)
Importance of Contract Formation Term Paper Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/business/1736838-the-importance-of-contract-formaition
(Importance of Contract Formation Term Paper Example | Topics and Well Written Essays - 1250 Words)
Importance of Contract Formation Term Paper Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/business/1736838-the-importance-of-contract-formaition.
“Importance of Contract Formation Term Paper Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/business/1736838-the-importance-of-contract-formaition.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Importance of Contract Formation

Group Formation

...? Group Formation In this paper, the researcher would like to describe on how 5 co-workers came to be a group, in this case, the researcher would describe the way the group was formed until it disbanded, showing the life cycle of a group. Of course, as the 5 co-workers preliminary formed their group, they passed through the anticipatory stage. However, in forming a group, there would be the possibility that there would be deviants, which is why the team decided to establish rules and the norms that the group mates are to follow. After setting the rules, the group then passed by the antecedent stage, wherein group socialization played a big part to make them understand one another’s thoughts and ideas. It is also in this...
1 Pages(250 words)Essay

Bubble Formation

...?MEASURES OF IMPLEMENTATION Recommendation number one in Toby Fyfe’s study s “Governments and stakeholders work together to ensure that there isclearly identified, sustained and accountable leadership aimed at ensuring that the benefits of social media are taken advantage of by all levels of government in Canada.” (Toby Fyfe 2010) With the advancement in Technology the way of life and means of communication has changed such that there is not a requirement for face to face communication. With this advancement there have been several limitations which has not only been limited to exposure of confidential information. However exposure of confidential information will be focus of the recommendation and how technological advancement... OF...
21 Pages(5250 words)Essay

Business Formation

...Decision relating to Business Formation Dear Simon, Being your Business Affairs Manager, I find it a part of my responsibilities to advice you in the decision making process. In order to help you with the complicated and important decision regarding the expansion of the business I would like to draw your attention to certain facts which are discussed below. Background Information Businesses are formed with an aim to make profits and shareholders/owners’ wealth. Businesses require a considerable amount of capital in order to successfully establish and develop. The formation of businesses is based on the legal structures provided to the entrepreneurs to establish their businesses. The...
7 Pages(1750 words)Coursework

Ghetto Formation

...minority immigrants, who are overrepresented in ghetto neighbourhoods, also tend to show a lower level of intergenerational mobility in terms of education and occupation" (cited Kazemipur and Halli 217). Stripped of many of the protective affiliations of pre-industrial days, the urban man moves in an impersonal world. The formation of ghettoes is caused by the growth of population and of the cities themselves, but although this has been an important factor, the role of foreign immigration has been even more decisive in determining the relationships between population groups (Yeager 216). In sum, massive segregation in urban centers is one of the characteristics of this mass society. In a social system...
3 Pages(750 words)Essay

Formation of International contract in the ( CISG ) under actical 1224,8,9,11,29

...and enforceability by law. An agreement is defined as 'every promise and every set of promises forming consideration for other.' This essentially means that there should be an offer and acceptance to form an agreement. It is important that before an agreement is finalized there should be a Consensus ad idem (Consensus to the matter) between the two parties. Both the contracting parties should 'say and mean the same' without which there cannot be a contract (Bharadwaj). The other element of contract, enforceability by law, emphasizes the importance of intention to create a legal obligation or duty to perform or abstain from performing certain...
20 Pages(5000 words)Essay

Formation of a Contract

...Running head: ADVICE TO BARBARA AS TO HER LEGAL POSITION IN RELATION TO JANET AND ROY Formation of a Contract Advice to Barbara atto her Legal Position in Relation to Janet and Roy Barbara who was in need of buying herself a second hand car while still on a low income paying job was lucky to be lend 3000 by her stepfather Roy. However, the agreement was that she was to repay the money with 30 equal instalments starting last November plus interest. She really needed a car that was worth the 3000 she had been lend by her Stepfather but she came across an advertisement for sale of a second hand car that was going for 3200. There was a Janet's telephone number who owned the Black Ford Fiesta that was being...
4 Pages(1000 words)Case Study

Spiritual Formation

...is necessary for spiritual formation there are some moments when taking time away from one’s daily event is necessary. This is the reason why many priests, preachers, and religious teachers for example, go on sabbaticals. This serves as a period of renewal and rejuvenation. This is especially important if one is wholly involved in service on a social, psychological, or emotional sphere. One should not confuse being religious with spiritual formation. Observing religious laws and rituals can never offer the same satisfaction that one gets from spiritual formation. Jesus observed the obligations of the Pharisees and Sadducees and saw through their emptiness. He also said...
4 Pages(1000 words)Essay

Formation of a Legally Binding Business Contract

...to reject the offer just like in any other normal case where an offer is made to an offeree and the offeree rejects it. If Mr. Powell refuses to buy the van after three days, he would still be bound to pay the £450 that he promised Jess. Acceptance is extremely important for the formation of an agreement. It must be communicated by the offeree to the offeror in order to be complete. In the given case, Mr. Powell has obtained a promise to keep the offer open but he has not yet accepted this offer. However, if Mr. Powell contacts Jess within three days and pays the price of the van to her, he would have accepted the offer and an agreement would be created. In order to form a legally binding...
16 Pages(4000 words)Essay

The Formation of a Valid Business Contract

... Aspects of Contract and Negligence for Business The formation of a valid contract is supported by some essential elements. The factors are imperative because they are the facts that individuals observe when forming a valid contract. The definition of a contract is an understanding that is concluded by two or more parties agreeing on a particular issue and hence creating a binding obligation on all the parties. The legality of the contract is enforced by several conditions. The conditions include an offer, an acceptance and consideration. The conditions are what support the formation of a valid contract (Stevens 2004). The offer The most essential element of the contract is an offer... . It is...
8 Pages(2000 words)Essay

Star Formation

...Essay: Star Formation Table of contents ………………………………………………………………………………….3 Introduction………………………………………………………………………...........4 Star formation…………………………………………………………………………....4 Protostars…………………………………………………………………………….......5 Evolution of T-Tauri star………………………………………………………………...7 Main Sequence stars……………………………………………………………………...8 Stars and their fate………………………………………………………………………..9 Conclusion……………………………………………………………………………….10 References………………………………………………………………………………..11 Abstract Formation of stars is a process through which dense areas inside molecular clouds in stellar nurseries also called star-forming areas collapse leading to formation of stars. Star formation...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Term Paper on topic Importance of Contract Formation for FREE!

Contact Us