Contract Law

Contract Law

Introduction

I am working for Fabulous Hotel as head chef under a two year employment contract. After two years another hotel wants to hire me. However, in the original employment contract I signed with the Fabulous Hotel, the following paragraph appears: “The below-signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ.” The purpose of this paper is to identify the basic elements of contract that exist for this agreement to be enforceable. The paper will provide a description of concepts like offer, acceptance, legal consideration and others.

Discussion

Today's business operations are impossible to conduct without having proper contracts with the related and associated parties. A bilateral contract refers to a contract where all the parties are bound to perform their duties somewhere in future, not necessarily conducting at the same time. On the other hand, a unilateral contract is a contract where one of the parties involved in the contract conducts his duties at the time of contract being made and the other party promises to render the services at some future time (Jeffrey & Susan, 2012).

I believe that bilateral contracts are more commonly used in the business world. There are many obvious reasons behind the excessive utilization of bilateral contracts. Bilateral contracts are assumed to make the parties undertake commitments which are mutual and somewhat revolves around the same nature of the commitment. However, the case of unilateral contracts is different. Unilateral contracts bind only one party to perform his duty in future while requiring the other party to perform his duty immediately after the commencement of the contract. This aspect of unilateral contract makes it a little unpopular in the business world (Mindy, 2007).

Elements of Contract

Promises to convey property upon condition have been confused with contracts to keep an offer open, but they are very different. We have many instances of such conditional contracts, but contracts to continue an offer are not numerous.The courts frequently use language which would lead to the belief that the contract they are considering is to keep an offer open, but an examination of the facts will generally show a conditional promise to sell (www.tutor2u.net).

It is quite true that a promise under seal or for a consideration to sell property subject to a condition to be performed by the promise is to be distinguished from an offer to sell supplemented by a contract to keep the offer open, but it seems to be incorrect to say that the latter sort of undertaking is comparatively rare. If the common form of option contracts bears analysis as a conditional promise to sell, the doctrine of irrevocable offers would not apply. There would be a binding promise to sell enforceable upon the performance of the condition. It is to be noted that such a binding conditional promise to sell would be a unilateral contract, since option contract it must appear that the money paid down is understood as ...