Volition and Contract Law
In the everyday life, people make choices on various subjects. The personal rights in the constitution grant every individual the chance and ability to choose. This cognitive process, which facilitates the individual to decide and commit to any course of action, refers to volition. It is a psychological venture, which hypothesizes the choices and actions that individuals take collectively with knowledge of the consequences that will follow the action or choice. In law, an individual, a board, or any group of persons can submit an ordinance of volition that outlines the expectations of the people, or evidence of an act. A contract is whichever concurrence enforceable by the law, creating obligations on the signing parties. The basic elements of contract and the law of contract assume the incorporation of volition in totality.
The statutes that govern volition in contract law
A contract comes into existence when two come into an agreement by mutual consent. The parties can agree and commit to act along a certain relation whether they commit formally or in an informal manner. The state law governs the basics of formation of a contract, which deems the agreement executable in consideration to the law of the state. Some contracts can be formal, whereas others are informal. However, the determination of the formality of the contract does not limit the basic principles of formation of a contract. The contract entails four basic elements, which form the statutes of volition in the law of contract. The statutory of the state, common law and private law, all govern the formation of contract in a related manner, with few differences existent amongst them.
The elements of the law of contract that define volition in a contract include the capacity to contract. The ability of a person to know and understand the contract terms is capacity. A contract that is valid the parties therein must have the capacity. The law considers minors, intoxicated and mentally impaired not to have the capacity. Therefore, volition is for the able people, who have the capacity to commit to a contract after understanding the terms of the contract to a full extent. The element of capacity defines that the person making a choice to join the contract be of sound mind and age, thus capacity to contract. Secondly, there is the element of mutual agreement. A mutual agreement is when two or more parties have alike thinking; hence, "a meeting of their minds." In such a case, an agreement can exist between the people and commitment into a contract is achievable. Both parties have the right to understand the agreement, ensuring that there are no misapprehensions between the parties or mistakes existing amongst them. Such a situation exists when there is an offer and the offered accepts the offer, thus validating the contract. This acceptance of the offer has to be voluntary, from the free will of a person in a sound mind. In case of negotiations, the final free will of the offered has to have preeminence, as it is all about the free will to make a choice that will bind the individual.
The third element that dictates volition in contract law is consideration. There should be exchange of consideration in a valid contract between the parties. In the commission of contract, there should be exchange of something that is real value, may be a tangible object or a performance of an act or a promise a future consideration. This consideration indicates the volition of the person in joining the contract, as this indicates there is free will to commit. A contract, once there is consideration accepted by all parties, then it indicates that there is voluntariness from the part of individuals and they have the go ahead on the contract. They can thus engage in the contract as there is free will established in the contract. The other element of volition in contract law is the aspect of transfer of contract rights and duties. At a certain point, the rights and duties of one of the involved parties, or all the parties may need transfer to a third party. In such a scenario, the third party, who is the assignee, has the same rights as the assignor. Therefore, in this case, the law provides that such transfer should only occur with the consent of the parties initially involved in the contract. They both should have consent to transfer the contract to the third party and any other subsequent parties. Thus, volition is a necessity in the transferring of the contract or duties and rights of the persons in the contract...
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