business law: contract

Running Header: Business Law Name of Student Name of the Course Instructor`s Name Date of Submission Business Law Introduction The general definition of a contract is an agreement between two or more parties which in most cases it is entered with the outward intention of creating a legal bond or obligation amongst the parties in contract. A contract can be qualified in writing which makes it even more serious or legal but at some rare instances you can enter into what is called an oral contract. Personally I take it to me that a contract is a bond between the parties whether oral or written because the difference between the two to me is the method of contracting but the key word still holds and that is the word contract. This paper seeks to keenly analyze the business aspect of contractual agreement and its aspects to the letter. It is an analysis that will open up clearly explaining widely from aspect of defenses and breaching cases to the elements and/or components of a contract in business. Analysis In any question of a contract, the first step is always and has always been to make sure that the contract exists in reality, therefore for this to be achieved, ther3e are some elements of the contract that must be fulfilled. The essential elements that must legally be in place before a contract can be validated will be listed below with brief explanation of each. For a contract journey to commence, research indicates clearly that there must be an offer. By research definition, an offer is a manifestation of the willingness to enter into a bargain so made as to justify another person in understanding that his assent into the bargain is welcomed and will conclude it (Legal Elements of a Contract). There is then acceptance of the offer which is unconditional acceptance of the offer by the one been sort to consent Research indicates that this can be oral or written. At this juncture I think it is paramount to state that the contract entered should be of legal purpose because lawfully a contract of illegal purpose is not binding at all there hence this is the lawful object of the contract, it should be aimed at a legal purpose. Another very necessary element of a contract is the consideration. The consideration is seen as the price paid for the promise of the other party. Legal practitioners maintain that so long as a consideration exists between parties in a contract, the court ignores the question of its validity and adequacy (Field). It should also be noted that contracts entered involving documents with legal seals don`t at all require the consideration The main difference between substantial performance and inferior performance manifests itself when a breach occurs during a contract in most cases. Talking of substantial performance if a breach of contract is small and therefore considered minor, the non breaching party of contract has some choices of steps h...