¶ … Contract
Elements of a Contract
The Contract: Overview
Fabulous Hotel has engaged my services as an employee (my position being that if head chef) under an employment contract that spans two years. Two years down the line, another hotel could be interested in my services. The problem is; the employment contract cited above has a paragraph that reads as follows:
"The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ."
Of key importance in this case is whether the said contract is enforceable. What are the elements that this particular contract must meet for it to be enforceable? Are there any circumstances where this agreement would be unenforceable? These are some of the issues that will be addressed in the subsequent sections of this text.
Elements of a Valid Contract: Discussion in Relation to the Aforementioned Scenario
A number of elements must be present for a given agreement to be recognized as a contract. What this means is that if any of the said elements is missing or absent, then the agreement cannot be deemed as a contract, at least from a legal perspective. The five elements of a valid contract identified by Seaquist (2012, p. 138) include "offer, acceptance, consideration, capacity, legality." I will highlight each of these elements below.
Offer
Two of the parties mentioned in this case are the offeror and the offeree. These according to Seaquist (2012) are the two key parties involved in the formation of a contract. Here, one of the two parties mentioned promises to either engage or refrain from engaging in some specified action either on commencement of the contract or at some point in the future. It is the offeror who makes an offer and hopes or waits for the same to be accepted...
Independent dealers must sign a contract that sets forth the manner in which they will operate their rental centers. Often a small business owner will supplement their income be adding U-Hauls to their market mix. Independent contractors earn a commission on their sales. Each division of AMERCO has it own president. All of them must report to a Board of Directors. The Chairman of the Board and overall President is
Contract law lies at the center of our legal system and serves as the basis of our whole society. Our society relies on free exchange in the marketplace at every stage. Contract law is what makes this probable. Exchanges in the marketplace always rely on voluntary agreements between people. These voluntary agreements would never if there wasn't contract law. Contract law works to make these agreements enforceable, which typically means
The inclusion of good title is an implied understanding in any sale of a motor vehicle or other property whose ownership is normally represented by title papers (Schmalleger, 2008). Voidable contracts are those that are enforceable under certain circumstances or only by certain parties. A typical example of a voidable contract is any formal agreement between an adult (or a professional business) and a minor. Ordinarily, a minor cannot be
Contracts, Contract Law, And Society Contract Law Contracts are legally-binding agreements between two or more self-regulating parties for the purpose of furthering their commercial goals (Eisenberg, 1994). The elements of contracts, together with the laws that provide protections for the parties involved, are theoretically straightforward and appeal to common sense principles, but in practice the forging of contracts and their enforcement can at times be complex. The theories and principles that underlie
legally enforceable contract has several critical components, the first of which is an offer. An excellent example of this is the selling of a used vehicle. The buyer makes an offer of a particular amount of money for the car and/or the seller offers the car for sale. There must also be acceptance -- either in writing, according to the stipulations of the UCC, or for contracts involving smaller
Contract is a legal document where two or more parties jointly agree that there will be a trade of goods and/or services through a unilateral or a bilateral exchange. An effective contract will be made up of six major elements that specify how goods and/or services will be exchanged, how the exchange will be compensated, and establish a timeframe for the exchange. It is suggested that a contract include details
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