Essential of valid contract

Answer 1

The four most important things to include in a contract are the parties' names, the contract subject, the timeframe, and the price cost. A contract is a mutual agreement between the two parties included in the contract. An offer in contract law is expressing the desire to enter into a contract. It must be made with the intentions that the offer will become binding as soon as the offer is accepted. An offer can be revoked anytime before.....

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Answer 2

Valid offer

• A valid offer generally has several basic elements

  1. There must be genuine intent to contract

  2. It must be communicated to the acquirer

  3. It must be certain and definitive in its terms and conditions

• And, as we said earlier

  4. Both parties must be free of duress one from another

  • I.e. the contract can be entered into voluntarily

• If these conditions are not met
  • All or part of the contract may be invalid

Answer 3

Formation of a valid contract requires four basic elements: (1) there must be an agreement between the parties, formed by an offer and acceptance: (2) the parties' promises must be supported by something of value, known as consideration; (3) both parties must have the capacity to enter into a contract; and (4) the contract must have a legal purpose. This small informal interaction possesses all of the requisite elements to constitute a binding contract.

- An offer is a manifestation of willingness to enter into a bargain that justifies another person in understanding that is or her assent will conclude the bargain. An offer is effective if (1) the offeror has an intention to be bound by the offer, (2) the terms of the offer are reasonably definite, and (3) the offer is communicated to the offeree.

- Acceptance is a response by the person receiving the offer that indicates willingness to enter into the agreement proposed in the offer. Both offer and acceptance can be oral, written, or implied by conduct.

- In addition to offer and acceptance, formation of a valid contract requires that each side provide something of value, known as consideration, which can be money, an object, a service, a promise, or giving up the right to do something.

A valid contract also requires that both parties possess the capacity to enter into an agreement. Capacity is a legal term that refers to a person's ability to understand the nature and effect of an agreement. Rule of thumb, don't make contracts with the mentally incompetent or kids.

Contracts must have a legal purpose. Contracts that are contrary to a statute or to a public policy are illegal and are generally considered void-that is, they are not valid contracts.

Answer 4

offer and acceptance