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Elements of a Contract (Essay Sample)

Prepare a two to three page paper, following the APA guidelines, detailing the essential elements of a contract. At a minimum, your paper must include a detailed description of the concepts of offer, acceptance and legal consideration. You are encouraged to seek out scholarly sources and websites to support your observations. Elements of a Contract 7 percent Content Criteria Weight Details the essential elements of a contract. 2 At a minimum, includes a detailed description of the concepts of offer, acceptance and legal consideration. 3 Writing Skills The content is well organized and presented in a clear manner. .5 Sentences are complete, clear and concise. .5 Style Criteria The assignment is 2-3 pages, double-spaced and in APA format. .5 The assignment includes a cover page that includes: − Title of paper − Student's name − Course name and number − Instructor's name − Date submitted .25 The assignment includes, on the final page, a list source..
Elements of a Contract Student Name School Name Course Name and Number Instructor`s Name Date Submitted Elements of a contract A contract is a legally enforceable agreement between two or more parties, where parties could be individuals or businesses, which is created when both parties in the agreement assume a legal duty. (Find Law, 2012). For the contract to be legally enforceable it needs to have at least three main elements namely an offer, acceptance and legal consideration. If any of this is missing then the contract is null and void. In this paper we look into each of these elements in detail. An offer is a statement or any other indication that one party is prepared to enter into a legal contract with another party if certain terms are met. (E-law, 2012) It is the willingness to enter into a bargain with another person with an aim of understanding the other party. The goal is to eventually agree and enter into a contract which can be enforced in a court of law. It must be stated in such a manner that the person receiving it can accept it without making any alteration to it. The person making an offer is called the offerer while the person to whom the offer is made is called the offeree. It is important to distinguish between an offer and an invitation to treat. An invitation to treat calls upon other people to make an offer or to consider offers and usually forms the foundation of negotiations. (Small Business Development Corporation). It differs significantly from an offer in the sense that it is not enforceable in law. Some good examples of invitation to treat are catalogues, newspaper advertisements and lists of prices. Once an offer...
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