CONTRACT LAW

Contract Law

Contract Law

Contract

The analysis of a contractual law usually takes place with respect to offer and acceptance. When it comes to an offer, one of the parties, which is the offeror, offer to the other party, which has the liberty to accept the offer or not. If the other part, which is the offeree, accepts the offer, then it creates a binding contract between the two parties. However, there are a number of considerations when analyzing the concept of a contract law. The primary or the significant concepts of the contract law are an invitation to treat, and invitation to offer. It is essential to determine the differences and distinctions between the two concepts before analyzing contract laws. The two concepts of contract law depend on offer and acceptance. Therefore, one needs to have adequate facts and examples to identify if a situation deals with an invitation to offer or an invitation to treat (Blum, 2007, pp. 633-80).

Elements of Contract

There are a number of elements of a contract. At first, it is essential to identify if there is a contract or not. This is a significant step, which takes into consideration the following elements. The initial two are extremely obvious and play a significant role in binding the contract legally:

An offer: an offer is an intention or willingness to express a contract, which consists of the establishment of terms and conditions. It is the offeror who makes the terms. In addition, the offeror realizes that if the other party accepts the offer, then he will abide by the contract.

Acceptance: Acceptance refers to an agreement to the terms and conditions established in the offer. Moreover, acceptance can be in an oral or written form. It is essential that the acceptance reflects the original offer.

A counter-offer: it is not similar to an acceptance. When it comes to a counter-offer, it destroys the original conditions and terms of the offer or the offer itself.

A request for information: on the other hand, a request for information is not a counter-offer. For instance, if a purchaser makes an inquiry about the offer for clarification, then it does not destroy the original offer. The purchaser will still have the liberty to accept the offer.

It is extremely essential to differentiate between an offer and an invitation to treat. Invitation to treat refers to an invitation for other people to make an offer. Contract law is a sub-sector liability law, or a set of legal rules governing the civil liability arising from different types of contracts. It includes separate institutions of contractual obligations (purchase, lease, contract, etc.). The main source of civil rights and obligations is a contract that defines the mutual rights and obligations of the parties (Farnsworth, 2008, pp. 799-987).

The quality of the contract depends on economic security and business reputation of the entrepreneur. To say that the treaty should be made wisely makes no sense. However, in practice, parties to a contract ordinarily violate the ...