ESSENTIAL ELEMENTS OF A VALID CONTRACT & FRAUDULENT, NEGLIGENT AND INNOCENT MISREPRESENTATION

Essential elements of a valid contract & Fraudulent, negligent and innocent misrepresentation



Introduction

A part time worker's agreement does not inevitably have to be an in writing agreement but an agreement will be gone into between boss and worker when work commences. Part-time workers are furthermore deserving to an in writing paid work declaration inside two months of starting any employment. (Mark 2003)

Essentials Elements of a legitimate Contract:

1. Proposal and acceptance

2. Consideration - lawful concern with a lawful object

3. Capacity of parties to agreement - Competent parties

4. Free consent

5. An affirmation must not be expressly announced to be void.

Proposal and Acceptance:

When one individual signifies to another his enthusiasm to manage or abstain from managing anything with a outlook to getting the assent of that other to such proceed or abstinence he is said to make a proposal. The first step in the direction of conceiving an agreement is that one individual will signify or make a suggestion or offer to the other, with an outlook to getting the acceptance of that another individual to who the offer is made. (Randy 2003) A suggestion when acknowledged becomes a promise. When the individual to who the suggestion is made signifies his assent thereof the suggestion is said to be accepted. A suggestion when acknowledged becomes a promise.

Consideration

When at the yearn of the promisor, the promisee or any other individual has finished or abstained from managing, or does or abstains from managing or pledges to manage or to abstain from managing certain thing such proceed or abstinence or pledge is called a concern for the promise. Every agreement comprises of two components - (1) Promise and (2) Consideration for the promise. Consideration is the origin of the promise. It is the most ...