Business Law
Elements and Compounds
Contract Law

What are the seven elements of a contract?

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Wiki User
2010-06-12 18:19:28

"Hey,_i_dont_know_whether_your_from_the_US,_but_in_Aus_there_are_5_elements:"

id=

"Hey,_i_dont_know_whether_your_from_the_US,_but_in_Aus_there_are_5_elements:">

Hey, i dont know whether your from the US, but in Aus there are 5

elements:

agreement (offer, acceptance, certainty of terms etc),

consideration (price paid for a promise), intention to create legal

relations, capacity to contract (ie minors, bankrupts, mental

disimpairment, drunkeness etc), & formalities (only with land

& contracts of guarantee)

that probably wont help much if you're from America, coz the

laws are slightly difference.

catchya

In the US there are six elelments:

Agreement - an offer and an acceptance are included in an

agreement to form a contract. An offer by one party to enter into a

legal agreement and an acceptance of the terms by another.

Consideration - Something of value passing from one party to

another in return for a promise to do something.

Contractual capacity - the parties must be legally capable of

entering into a contractual relationship.

Legality - the object or the purpose of the contract must be

legal and not against public policy.

Voluntary consent, or genuineness of assent - the consent of the

parties must be genuine. The contract must be a genuine expression

of the intentions of the parties.

Form - the contract must be in whatever form the law

requires.


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