Contract law essay

Contract law essay

The term “contract” covers a wide array of topics. This legal term is usually used in business law. Contract is generally defined as a “promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some ways recognizes as a duty” (Restatement (Second) of the Law of Contracts § 1).Estimated Reading Time: 2 mins Lon L. Fuller By definition, a contract is “an agreement creating obligations enforceable by law” (Cornell University Law School). “A contract in its most basic definition is nothing more than a legally enforceable promise” (National Paralegal College). That means that any contract that is made legally, which will be discussed

The Contract Law: [Essay Example], words GradesFixer

A contract refers to a voluntary agreement between two or more parties that is lawfully enforceable as a legally binding agreement. There are various elements of a contract that must be met for any contract to be legally binding between the parties involved. These elements include; offer and acceptance, consideration, capacity and competency, mutual consent and writing requirement. The terms of a contract have specified meanings, contract law essay. Some contracts spell out the benefits that that are derived by third-party beneficiaries or instill requirements on third-party obligors. Contract law also specifies the future performance obligation of a third party contract law essay must occur to satisfy the contract. The law also provides remedies and defenses for non-performance for the parties involved.

Contract law essay addition, this paper will also decide whether or not there was a contract for the purchase of the automobile and also identify the facts from this scenario which support the decision on whether or not a contract exists for the purchase of the automobile. According to Smith and Atiyah, for any contract to be legally contract law essay, it must have the four elements of a contract. The first element in a contract is offer and acceptance. An offer expresses the willingness of an offeror to contract on a particular set of terms with the intention that in case the offer is accepted, contract law essay, he or she will be legally bound by the contract.

On the other hand, an acceptance expresses an absolute and unconditional agreement with every term outlined in an offer. In fact, an acceptance can be in writing or oral. Furthermore, another element of a contract that exists in this scenario is a consideration, contract law essay. A consideration refers to a promise of something that has a value that is provided by a promissor for the exchange of something of value provided by the promise. Moreover, capacity and competency is another element contract law essay a contract. According to Kronman, for any contract to be enforceable at law, contract law essay parties involved must have the legal capacity to enter into any contract. As such, where the parties involved are natural persons, they must attain the majority age and must also be competent.

Jim and Laura and Stan have the legal capacity and competency to enter into a contract. Besides, writing requirements and formalities is another important element of a contract, contract law essay. A written contract must be signed by all parties involved. However, a contract may be oral. An oral contract can either be implied in facts or implied in law. In an implied in fact contract, the parties involved receive the benefit of the bargain. In relation to the elements of a contract, it is evident that there was a contract for the purchase of the automobile between Jim, Laura, and Stan.

Firstly, there is an element of capacity and competency in the contract for the purchase of the automobile. This is due to the fact that both parties are not minors and therefore have the legal capacity to enter into any contract Kronman, Furthermore, as natural persons with sound minds, Jim, Laura, contract law essay, and Stan are competent enough to enter into the contract law essay for the purchase of the car. Thus, this element proves that there was a contract for the purchase of the car. Moreover, the element of consideration also exists between the parties in the contract for the purchase of the car.

For one, each party in the contract received something for value. This consideration was sufficient and also moved from the promisor to the promisee. In addition, there was a mutual consent between the parties that prove that a contract for the purchase of the automobile exists between Jim, Laura, and Stan since the buyers agreed to pay the down payment which was then accepted by the seller. Additionally, the contract between the parties existed since there were an offer and an acceptance of something of value, contract law essay. According to the law of contract, any agreement is legally binding and enforceable at law if there are an offer and an acceptance between the parties involved. In sum, the contract for the purchase of an automobile exists between Jim, Laura, and Stan since the elements of a contract were met in the arrangement, contract law essay.

The existence of an offer and an acceptance and consideration binds the two parties to the contract for the purchase of the car. Also, the legal capacity, competency of the two parties and the existence of mutual consent between Jim, Laura and Stan proves that a contract for the purchase of the automobile exists between contract law essay as specified by law. Hence, Jim and Laura are legally bound by the contract for the purchase of the car they entered with Stan. Remember: This is just a sample from a fellow student. Starting from 3 hours delivery. Sorry, copying is not allowed on our website. We will occasionally send you account related emails. This essay is not unique, contract law essay. Sorry, contract law essay could not paraphrase this essay.

Our professional writers can rewrite it and get you a unique paper. Want us to write one just for you? We use cookies to personalyze your web-site experience. This essay has been submitted by a contract law essay. This is not an example of the work written by professional essay writers, contract law essay. Get help with writing. This is just a sample. Your time is important. Get essay help, contract law essay. Related Essays Analysis of English Contract Law Essay. Personal management contract: Preston v. Ferrer Essay. The Constitution and Contracts Essay. Trespass: A Paramount Tort In An Age Dominated By Negligence Essay.

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How to Analyze Consideration on a Contracts Essay (\

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The term “contract” covers a wide array of topics. This legal term is usually used in business law. Contract is generally defined as a “promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some ways recognizes as a duty” (Restatement (Second) of the Law of Contracts § 1).Estimated Reading Time: 2 mins Oct 08,  · A contract refers to a voluntary agreement between two or more parties that is lawfully enforceable as a legally binding agreement. There are various elements of a contract that must be met for any contract to be legally binding between the parties involved. These elements include; offer and acceptance, consideration, capacity and competency, Estimated Reading Time: 6 mins Lon L. Fuller