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Contracts - School Essays

Contracts

A contract is an agreement that is enforceable by law. Modern business could not
exist without such . Most business transactions involve commitments to
furnish goods, services, or real property; these commitments are usually in the
form of .
Use of the contract in business affairs ensures, to some extent, the performance
of an agreement, for a party that breaks a contract may be sued in court for the
damages caused by the breach. Sometimes, however, a party that breaks a contract
may be persuaded to make an out-of-court settlement, thus saving the expense of
legal proceedings.

A contract arises when an offer to make a contract is accepted. An offer
contains a promise (for example, "I will ...

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Then
the counteroffer may be accepted by the party making the original offer.

REQUIREMENTS OF A VALID CONTRACT

For a contract to be valid, both parties must give their assent. They must act
in such a way that the other people involved believe their intention is to make
a contract. Thus a person who is clearly not sincere in saying that he or she
accepts an offer usually is not held to a contract by the courts. On the other
hand, a person who secretly has no intention of making a contract but who acts
in a manner that leads people to believe he or she had, may be held to a
contract. Legally, it is the external appearance that determines whether one is
held to a contract.

Consideration

A contract results from a bargain. This implies that each party to the contract
gives up something, or promises to, in exchange for something given up or
promised by the other party. This is called consideration. In the example given
above, the consideration on one side is the promise to pay ...

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Contracts. (2006, April 12). Retrieved April 26, 2024, from http://www.essayworld.com/essays/Contracts/44256

"Contracts." Essayworld.com. Essayworld.com, 12 Apr. 2006. Web. 26 Apr. 2024. <http://www.essayworld.com/essays/Contracts/44256>

"Contracts." Essayworld.com. April 12, 2006. Accessed April 26, 2024. http://www.essayworld.com/essays/Contracts/44256.

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PAPER DETAILS

Added: 4/12/2006 03:47:02 AM
Category: Legal Issues
Type: Premium Paper
Words: 1094
Pages: 4

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