Verified Document

Contract Several Elements Determine The Enforceability And Essay

Related Topics:

¶ … Contract Several elements determine the enforceability and validity of a contract. Similarly, several elements can cancel an agreement between two or more parties and/or void a contract. To determine what makes a contract enforceable, and how to legally get out of a contract, it is important to understand the components of a contract.

Regardless of the type of contract, all contracts are made up of six different legal elements including offer, acceptance, objective, mutuality of obligation, consideration, and the requirement that all parties entering into the contract are competent (Cross, 2007). When dealing with contracts, the offer can be defined as "an expression of willingness to contract on certain terms, made with the intention that [the contract] shall become binding as soon as it is accepted by the person to whom it is addressed" (Trietel 2007). Acceptance of a contract requires that all parties agree on identical terms, however, rejection of any or all parts of a contract will allow for a counter-offer to be made. The terms that have been defined in both the offer and acceptance are restricted...

A contract that contains any illegal terms or conditions cannot and is not enforceable by law. The mutuality of agreement between contractual parties is the determination that the parties are in "mutual agreement" and that they are willing to "assent to the expression of their argument" (Legal Elements of a Contract, n.d.). Consideration determines and establishes the terms and agreements that are being made between contractual parties. Moreover, in order to ensure the validity of a contract, the parties that are entering into said contract must be of sound mind and judgment; incompetency can be used as a legal defense to a contract (Legal Elements of a Contract, n.d.).
Defenses to a contract, or ways a contract can be legally voided, include incapacity, mistake, duress, undue influence, unconscionability, and misrepresentation or fraud. If a person enters into a contract when they are ill, intoxicated, or mentally unstable, a contract…

Sources used in this document:
References:

Breach of Contract: Defenses. (2010). Retrieved 8 September 2011, from http://contracts.uslegal.com/breach-of-contract-defenses/

Cross, F. (2007). West's Legal Environment of Business. Eagan: West Publishing Group

Legal Elements of a Contract. (n.d.). Retrieved 8 September 2011, from

Treitel, G.H. (2007). The Law of Contract. Sweet and Maxwell: United Kingdom
Cite this Document:
Copy Bibliography Citation

Related Documents

Enforceability of a Contract As
Words: 648 Length: 2 Document Type: Term Paper

Legal methods of voiding contracts include action by both parties through revocation, rejection, counter-offer, and full performance. Methods of voiding contracts by law include lapse of time, destruction, death or incompetence, and/or illegality. When entering into the contract with Furniture World, Bryant Remodeling did so in good faith and competency, under no duress, intent to fraud, or a frustration of purpose. Bryant Remodeling fully believed that they would be able to

Big Time Toymaker and Chou Over an
Words: 1330 Length: 4 Document Type: Essay

Big Time Toymaker and Chou over an agreement to distribute a new strategy game. Some of the areas covered are whether or not a contract existed between the two parties, objective intent, and how e-mail comes in to play with enforceability. Also we see if the statute of frauds applies to this scenario and the defenses that either party has in the case. Lastly, we look at the different

Rachel and Choo Hospital Choo Choo's Liability
Words: 2132 Length: 8 Document Type: Term Paper

Rachel and Choo Hospital Choo Choo's Liability The fact that Rachel was initially discharged from the emergency department following examination by a physician with nothing more than a prescription for pain medication when she was in fact suffering form a very serious blood infection could definitely leave Choo Hospital exposed to litigation. There are several key elements of this case, as briefly as it has been described, that lead to this potential

Cloud Computing Information Security in
Words: 6099 Length: 18 Document Type: Research Paper

This approach to defining a performance-based taxonomy will also allow for a more effective comparison within industries as well. All of these factors taken together will provide enterprise computing buyers with more effective foundations of arguing for more thorough measures of application performance. The net result will be much greater visibility into how cloud computing is actually changing the global economics of the enterprise computing industry. III. Final Report: Introduction The foundational

Law of International Banking
Words: 6320 Length: 15 Document Type: Essay

Regulation of Banks Banks are an important aspect of any modern economy. They provide financing for commercial businesses, access to payment systems and a variety of financial services for the economy as a whole. The integral role that banks play in the national economy is demonstrated by the need for and practice of banking regulation and as part of the lessons learnt from the recent global financial crisis, provides a government

International Trade Law in the
Words: 6183 Length: 14 Document Type: Term Paper

There were many factors quoted for the reasons for this type of incompatibility, and they were the following: Article 2 of the Brussels Convention is in fact mandatory, and it can only be derogated from in the numerous ways and means that have been expressly provided for in the Convention. Similarly, there was no provision for the forum non-conveniens in Article 2 of the Convention, and this was despite the

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now