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Running head : ELEMENTS OF A CONTRACTElements of a Contract Elements of a ContractOne of the closely important tenets in law is : if it s not in writing , it did not happen The law could protect fissure either caller engaged in an covenant if the arrangement was put in writing in the form of squeezes . It is rude(a) , in that respectfore , to form expurgates amongst two or to a greater extent parties , especially those engaged in business , to debar difficulties in winning a subscribe in topic in that location is a breech in the agreementA ingest is an deepen of promises between parties . It is an agreement between two or more parties to do or refrain from doing nearlything . Almost invariablyyone engage in a contract . It may be oral or compose . However , pen contracts are as most jurisdictions may render oral contracts unenforceable . There is nearly eternally enough room for disagreement and parties may claim something former(a) than what was agreed upon without proper documentation , usually a write contractContracts have authorized elements for it to be considered valid and binding . counterbalance to the footing of agreement is the most important element of a contract . Without coincide , there can never be an agreement , whence no contract . There moldiness be consensus ad idem or a meeting of the minds in front there can be any contracts . Ollek (n .d ) held that there essential be an intention to enter into a licitly binding contract for it to be effective . There must(prenominal) be an cleft of the terms from one side and credenza of the hold out from the different . furthermore , valid consent is given single by those who have the effectual condenser to enter a contractThe object or purpose is the conterminous element of a contract . This is the as sert do by the initiating ships company . ! This is patently a statement that a certain party is lively to enter into an agreement with another on certain terms .

It is also implied that the party making the adduce is prepared to be bound by the terms (Ollek , n .d ) of the agreement if ever it is accepted by the other party . Oftentimes , the offering has certain time limit where it could be accepted . Furthermore , objects must also be legal . If the object is smuggled because of the statute of common law , it result be considered voidThe ending element is the consideration . Each party concern in the contract must receive something of range . Cons ideration is what makes the other party accept the offer made and enter the contract . It may also be some benefit or advantage to the somebody making the offer and a gibe cost or prejudice to the person accepting the offer (Ollek , n .d . Ollek (n .d ) explained that the law only requires that there be equal consideration and that only the party involved can regularise whether or not the consideration is up to(predicate) Any contract without this element is not considered as legally binding , hence is void , and there is no contract at allAcceptance should...If you exigency to get a full essay, invest it on our website: OrderCustomPaper.com

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