Rental Agreement

Rental Agreement

Is a rental agreement enforced by same contract essentials of Common Law? Lau & Johnson (2012) state that the three essentials for a valid contract formation are all required to be met; otherwise absence of any of the three elements may make it a void contract. These elements include the process of offer and acceptance between two or more parties linked to a contract under established consideration of the object of exchange that needs to be legal and real. Consequently, it can be identical to the example of Carbolic Smoke Ball Company v. Carlill that took place in the nineteenth century, this formation of contract brought the company to bankrupt because the company failed to provide what was promised through advertisements; hence, missing elements of consideration made the company compensate its consumers for the caused damages (Zarrokh, 2007). The paper elaborates successful completion of a valid contract by exemplifying a rental agreement. Additionally, it highlights aspects of contract breach and the remedies offered by law to compensate the innocent party.

Last month, my friend entered into a rental agreement with his landlord. It was a valid contract because it entirely satisfied the six essential elements of an enforceable contract including offer, acceptance, legal objectives, mutual obligation, consideration, and equally compatible parties (Legal elements of a contract, n.d.). Following the above illustration, this rental agreement seemed to be a legitimate contract that satisfied basic requirements of the Common Law as well as a typically enforceable contract.

The contract formation process started with a legal offer made by my friend to take the rental services from Mr. A (landlord), and it was legally accepted by Mr. A there to that satisfied the second essential element of an enforceable contract. This contract was based on the exchange of legal object i.e. rental service and both parties had mutually agreed to terms of contract and were mutually bound to it. Their assent to this agreement's expression and their mutually developed understanding of the subject matter made them engage in a legally enforceable contract that was for sure settled among the two equally authorized and competent parties.

The rental contract between my friend and Mr. A was successfully fulfilled by meeting all the obligations of law and binding both parties into a legal arrangement which held them responsible for any misconduct or breach of this legally enforced contract. So far, I have not observed any sign of ...