ASPECTS OF CONTRACT AND NEGLIGENCE

Aspects of Contract and Negligence

Aspects of Contract and Negligence - ND

Part A: Task 1.

Verbal contract

A contract that has been expressed in words is termed as being a verbal contract. The words could either be written or spoken. It is different from the oral contract as it could either be written or a spoken one. An example is when a patient visits his or her doctor for treatment. In return for the treatment, the patient has to pay a certain sum of money. In cases such as this example, violators who do not abide by the agreement maybe held in breach of contract (Steele, 2010, pp 22).

Written contract

This refers to an agreement that is reached on a written piece of paper, usually a printed decumbent that has signatures from all the concerned parties. Such contracts are more easily easy to enforce through law and have greater legal implications as they are more binding. An example is the agreement signed by the lender of money and the borrower if money. This can happen when a client of the bank takes a loan from the bank (Steele, 2010, pp 22).

Contract by deed

This refers to a contract which occurs after a property title is transferred from one party to the other party which makes an agreed number of monthly payments. This may also be called contract sales. An example is when a party agrees to buy a house and makes a certain number of monthly payments after which the property title is transfer to that party's name. The legal implications of such contract are even larger as a party can be held accountable easily if they breach the agreement in any way (Steele, 2010, pp 22).

There are some elements that are required for the formation of a contract. These are:

Offer: The offeror makes a promise to the offeree for providing something in exchange for a promise by the offeree for doing or not doing something.

Acceptance: This is the next element of a contract in which the offeree provides the offeror whatever was agreed between them.

Consideration: This is the next element and is referred to whatever is brought by each party to the table for bargaining for an exchange (Steele, 2010, pp 23).

Conditions and warranties

In relations to contracts, a warranty refers to a term that is not fundamentally important to the contract, and if violated does not imply that the injured party would have a right to renounce. However, the injured party does have the right to press for damages. A definition and its practical implementation as reached by Lord Babinger in the Chanter v. Hopkins case was that a warranty is an expressed statement that implies that “something that the party undertakes would be a part of the contract, yet collateral to the express object of it (www.haynesboone.com).

A condition in reference to a contract refers to a term which if violated would then be allowing the injured part to repudiate the ...