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¶ … Contracts
Elements needed in order for a contract to be formed
The essential aspects of contract that make it legally binding contract are; there must be an offer and acceptance in that the offer by one party is accepted by another party. Intention to create a legal relation, the contract will not be valid only on the basis of only there being an agreement, but also on the intention to getting into the legal agreement. There other element is consideration which refers to the price paid by the one party for the promise of the other party. Legal capacity is yet another element in forming a contract, those with mental impairment, minors, bankrupts, corporations and prisoners are not able to get considered as having legal capacity to get into a contract (Fitzroy Legal Services, 2012).
Conditions for an offer to be valid/legal sufficiency
There however are situations where a contract can be breached and a defense be poised for such a breach. The various defenses that can be poised for breach of contract include lack of having actually formed a contract due to lack...
These must be observed for an offer to be considered a valid offer. Lack of capacity to enter contract is another defense, incompetence, insanity or intoxication at the time of the contract formation are yet other defenses. It is therefore important to ensure that the parties getting into a contract, both the party giving an offer and the one accepting the offer are in the sound mind possible and sober. The other defenses afforded to defendants are unconscionability, fraud, mistake, undue influence as well as duress (U.S. Legal, 2010). There is need to ensure that there is no fraud involved at the signing of the contract for the offer to be valid.
The offer must also be accepted in person by the parties that have agreed willingly to get into the contract. The offer cannot be accepted on behalf of the person. For instance when A and B. gets into a contract, only B. can accept the offer and not C. However, during the process of contract creation there is the aspect of express agency. This is direct authority that an agent has.…
References
Erick Goldman, (2003). Notes on Contract remedies. Retrieved May 26, 2013 from http://www.ericgoldman.org/Courses/contracts/contractremedies.htm
Fitzroy Legal Services, (2012). Elements of Contract. Retrieved May 26, 2013 from http://www.lawhandbook.org.au/handbook/ch12s01s02.php
The 'Lectric Law Library. (2013).Agent. Retrieved May 26, 2013 from http://www.lectlaw.com/def/a026.htm
US Legal, (2010). Breach of Contract: Defenses. Retrieved May 26, 2013 from http://contracts.uslegal.com/breach-of-contract-defenses/
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