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If any of these elements is missing, the agreement cannot be treated as a valid contract.
The first element of a valid contract is an offer, which is an expression of the willingness of a party to enter into a contract and intends to be bound if the offer is accepted. The offer should include terms, which are certain and be communicated to the offeree (Bayern, n.d.). An offer should be distinguished from an invitation to treat. An invitation to treat is a declaration to enter into negotiations and cannot be accepted in the formation of a contract. They form part of preliminary negotiations and cannot be deemed an offer. The court in Harvey v Facey (1839) held that an invitation to treat is an indication by the owner that they are interested in selling an item. An offer remains open until the specified time expires or is accepted. Where there is no time limit, it is deemed to have expired after a reasonable time as passed. Death or insanity of either party terminates an offer. It can also cease to exist if it is expressly or by conduct demonstrate d that it no longer exists. If an offer is made to the general public, it can only be terminated by communicating through the same channel the offer was made. An offer can be rejected by the offeror or with a counter offer (Bix, 2012). In Hyde v Wrench (1840), the court held that a counter offer kills the original offer and the initial offer cannot be accepted at a future time. In Smith v Hughes (1871), the court pointed out that in determining whether there is a valid offer, the parties’ intentions are not important but rather how a reasonable person would consider the situation.
The second element of a valid contract is acceptance, which is an expression of agreeing to the terms of the offer. An acceptance can only be valid if the party agreeing to it is aware of the existence of an offer. It must also be unconditional, clear and mirror the terms of the offer. Acceptance becomes
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('Aspects of Contact and Negligence for business'-Subject Assignment)
“'Aspects of Contact and Negligence for business'-Subject Assignment”, n.d. https://studentshare.org/law/1681032-aspects-of-contact-and-negligence-for-business-subject.
In criminal cases, the standard of proof is guilt beyond reasonable doubt. In civil cases, standard of proof rests on the balance of probabilities, that is, the defendant was probably liable that not liable. The burden of proof in criminal cases falls on the claimant (FindLaw 2012, p1).
As result, every valid contract has particular characteristics. If at all any of them are absent, the enforceability of the agreement then comes into question. Most importantly, every contract must have two or more parties that provide some act or benefit does not have the legal right to be the recipient.
In essence the contract will set out the parties’ obligations in terms of their “undertakings or promises” to which the parties are bound and failure to carry out these undertakings or promises will allow the injured party to obtain a remedy for a breach (Koffman and MacDonald, p.
An offer is fundamentally described as an appearance of willingness to a specific contract based on certain significant terms. It is worth mentioning that an individual might withdraw an offer, which has been proposed by the offeror, prior to the receipt of the offer.
A contract formalizes an agreement between two or more people or parties (Chen-Wishart, 2012). However, before any party can sue for enforcement of the contract, he or she has to show that there exist the six basic requisites present in a legally binding contract. Notably, an enforceable contract has to have an offer and acceptance.
A small company named ‘Techno Products’ has been involved with the business of selling computers at discount rates. The company with declining profits has advertised that the first ten customers will be provided with one of its highest specification computers at £1 irrespective of the fact that the retail price of such computer is £3000.
A contract is termed as the binding agreement between two parties in a deal. There are four essential elements that are must to have in a contract. The elements are - offer, acceptance, consideration, and intention (Bagshaw & McBride, 2008). Offer is the initial stage of contract formation or bidding, which forms the base of the actual contract.
This research will begin with the statement that there are four essential elements of forming a valid contract. These elements are an offer, acceptance, intention to create legal relations and consideration. If any of these elements is missing, the agreements cannot be legally binding. The first step in forming a contract is an offer, which is a definite and binding promise.
In this case the two individuals undertaking the contract should have a legal capacity to do so, otherwise the contact will have no legal consequences on the parties. If the contract terms are certain, and the two persons can be assumed from
An offer refers to the promise that a party makes to the other expressing his or her interest to engage in a particular activity. Acceptance on the other hand just as the name suggests refers to the acceptance of the terms just as
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