CONTRACT LAW ASSESSMENT

Contract of Law Assessment

Contract of Law Assessment

Introduction

The law of contract which we are going to analyze here is actually the enforcement of promises. Every contract is not enforced by court. For the enforcement of promises, or an agreement court observe some elements. After having a check on these elements, court will prove that agreement as a contract. The contract actually involves a process of certain elements. The process starts from an offer. For the formation of the contract the offer must be accepted, unconditionally. There are certain more requirements for the offer and acceptance. After the communication of acceptance, law needs two other elements as well. One is consideration another is terms of the contract. Contract law is important as it provisions confidence among the people to do business, because they are sure that by making a legal agreement, their investments or words everything are safe and secure (Executive Summary).

Meaning of Contract

Contract is known as the promise or the set of promises which are enforced by the law. For a valid contract there should be two or more separate parties must be involved. The parties should have to be certain consensus on specific matters. They should be ready to create legal relations for their promises as they are contractual promises in contract. The promises must be supported by consideration. The contract doesn't have promises all the time which are bare but it also have some bargain in it. The requirement of two or more parties in a contract is the first essential thing for the contract that is why the arrangement between 2 departments or faculties of the same organization or company is not a contract generally because a person is not being allowed to make a contract with himself. But it may also depends upon the capacity if the different individuals or parties. The companies which have separate legal personalities involved can have contract where they act in as independent legal entities (Executive Summary).

An Offer

The contract starts with an offer. It is the expression of willingness to have a contract on certain terms and conditions. It enables other part to accept the offer and provides the basis for an agreement. An offer is there whenever the objectivecomes from the offeror's conduct or words. Offer doesn't require further negotiations as it's just the start. Many communications cannot be the offers but looks like it. They may be invitation to treat, statements of intention or transfer of information. The difference between offer and others is easy to describe in theory but difficult in practice (Executive Summary).

An offer is the starting of the contract; it is the willingness and demand to have a contract on certain terms. It should be made with the knowledge and acceptance of the fact that it can only proceed towards the contract only if it is accepted. There should be no more negotiations done or required. The understanding of offer can be gained through the summary of two cases from Manchester City ...