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Topic of Interest Related to Business Law - Essay Example

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This paper discusses a contract along with the basic elements of a contract. Contract is defined and is explained. The essentials of a contract is also mentioned and studied in detail. Classification of a contract is also examined. Distinctions between unilateral and bilateral contracts are also put forth in this paper.
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Topic of Interest Related to Business Law

Download file to see previous pages... An agreement, which creates or has the intention to create a legal obligation, is a contract (Bays., 1920).
Capacity to enter into a contract is the legal capability to enter into a contract. This means that an adult who is of sound mind can enter into a contract. Minors, mentally incapable persons and those who are drunk do not have the capacity to enter into a contract. Law says that when people enter into a contract then they should have the ability to know and understand the terms of a contract (Beatty, & Samuelson, 2006).
Offer and acceptance according to law is meeting of the minds or 'concurrence of wills' or 'ad idem'. Normally for a contract to be effective must have an offer and an acceptance of that offer. The vital characteristics of a contract are that a person makes an offer with another accepting it. Offer and acceptance need not be always expressed orally or in writing, it can be implied also. The term of a contract if not expressed in words is an implied contract. If obligations are only forced on one party by virtue of acceptance to perform then such contracts are known as unilateral contracts. This was enunciated in the case of Carlill v. Carbolic Smoke Ball Co. (McKendrick, 2005)
Consideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. ...
4. Consideration
Consideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. Consideration is the price, which one has to pay for the promise of another. Consideration can be in the form of money, property, the doing of an act, or even refraining from doing an act and a promise. It means that if one accords to do something he was not otherwise legally compelled to do, then it means that he has given consideration. For instance, "Jack agrees to sell his car to Jill for $100. Jill's payment of $100 (or her promise to do so) is the consideration for Jack's promise to give Jill the car" (William Theophilus, 1912).
Classification of Contracts
For the sake of analysis, contracts can be classified in many different ways. The most general classifications of contracts are; "express" and "implied" contracts; "void" and "voidable" contracts; and "enforceable" and "unenforceable" contracts.
Express and Implied Contracts

If the terms of a contract are stated clearly, then such contracts are known as Express contracts. Express contracts may be written or oral. For instance when a valid offer is acknowledged, then it means that an express contract has been created. Implied contracts are generally referred to as "implied in fact." If the specifics of the transaction is not directly negotiated but are make know by the behavior of the parties then such contracts are implied. For example making an appointment with a repairman to have a broken washing machine fixed is an implied contract (http://law.jrank.org/pages/12504/ Contract-Law.html#ixzz0Uy1JwCUw accessed on October 25, 2009).
The expression "implied in fact" is used to differentiate implicit arrangement from an ...Download file to see next pagesRead More
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