Legal Ethics

Unit 3IP Legal Ethics
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A contract usually expresses the intentions of the parties involved in the transaction. An expressed contract depicts the agreements made by both parties in whatever form (orally or written). The elements involved in an expressed contract include the offer, acceptance of the offer by the involved parties, mutual assent or agreement, the consideration and the legal terms involved. Implied contract, on the other hand, functions differently from that of an expressed contract. Implied contracts are inferred from the surrounding circumstances and are usually not in written form (Baker, 2011). However, these contracts are recognized by legal terms since the law recognizes contracts that have been assented to by action or by word, but situations may cause one party to be more advantaged than the other unlike in the expressed contract where the terms are negotiated and agreed upon.
In the unilateral contract, the law allows only one person or group to make the agreement. In simple terms, the unilateral contract allows a single person or group to fulfill a promise stated in the contract, for example, the insurance contracts where the insurance company pledges to pay its clients in the case of the specified events. In bilateral contracts, the agreement is made between at least two people or groups for the fulfillment of the specified promise. Most businesses and personal contracts fall into this category where you promise a given action or goods when a given condition or response is achieved (Baker, 2011).
The terms ‘void’ and ‘voidable’ are typical when dealing with contracts and are different though they may sound similar. A contract is said to be ‘void’ if it cannot be enforced by either of the concerned parties or person(s), for example, a contract will be labeled void if its conditions go against the set legal terms or conditions. On the other hand, a ‘voidable’ contract is one that is valid by law and can be enforced, but only one of the parties or person(s) involved is bound to the set terms while the other parties or person(s) are unbound. Therefore...