LAW ASSIGNMENT

Aspects of Contract & Negligence

Aspects of Contract & Negligence

Four main elements that are required for the formation of a valid contract in the UK

There are four most important elements of a valid contract.(Gergen,1992).These include

Offer

Acceptance

Consideration

Intention.

Offer

These all elements are very important for the formation of a valid contract. It is important to offer a contract by one party to the other. It is important for both parties to accept the offer for making an agreement. The offer should be valid for both parties. An offer can be in written or oral form.

Accaptance

Acceptance is the final decision of both parties in which claim that they are entering into the agreement with their own will. Acceptance is necessary because it is a meeting between all the parties so that if someone is not satisfied with the agreement. An agreement takes place when an offeree accepts the offer. The most important requirement of acceptance is that all parties have to sign the contract on a mutual decision.

Consideration

Consideration is the third most important element of a valid contract. Consideration serves as the promise between the parties. It is important for both parties to have their own considerations for making the contract valid. In a valid contract, the first two elements bring the parties on one platform and consideration shows the intention of parties for making an agreement. Consideration is evidence that parties are intentionally making that contract , but if someone can not send for consideration, it means that he has refused to make that contract.

Intention for Legal Ralationship

It is also essential that all the parties should have the intention to make a legal relationship with each other. It states that parties are interested to enforce this contract in the legal context and this contract can be subjected to lawsuit whenever it is needed.

Capacity Of A Contract

Capacity is defines as the ability of the parties to make the legal contract. The appropriate age of a person for making a valid agreement is 18 years in UK. Individuals who are under the age of 18 are not eligible for making these contracts. In the same manner, people who are not mentally fit can not make legal contracts with other parties.

All the elements stated above are completely essential for making a valid contract.

Q.1.2

Identify and explain the main types of contracts that may be entered into in the UK by

individuals and businesses.

Types of Legal contracts

All the types of legal contracts are important for a valid contract.

Verbal agreements

Verbal agreements are those contracts which parties made verbally that it is not in written form , and there is no proof available for the contract. The verbal agreements bring problems for both the parties as they can not claim for their contract. Verbal agreement should be made when a contractor and contractee have a high level of trust on each other. Problems in this agreement arise when one party refuse to engaged in the contract.

Written Contracts

Written contracts considered as the most reliable contracts ...