Explain The Essential Elements Of A Contract
Concepts and aspects of law of contract and law of tort are discussed in the report. Report begins with stating the essentials of the contract. These essentials are indispensible for a valid contract. Then report goes on stating these essential by applying them to given situations or discussing them via cases. Online or contract via means of communication are also dealt with. Moreover, concepts of vicarious liability, tort and negligence are discussed. Liability in contract and liability in torts is tried to be differentiated. The report has view to provide ease to readers to understand the concepts.
Explain the essential elements of a contract.
Should a contract have all those elements to be legally enforceable? What will happen if one of the elements was missing in an otherwise valid contract?
Offer and acceptance
For a contract one party has to offer his willingness to be done by other person. This other person must accept the offer as it is. The mode of acceptance may be determined by the proposer. Moreover, here must be at least two parties (Catharine MacMillan, 2012) .
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Consideration paves the base on which contract flourish. It is main element instil life in the contract.
Consideration is “a valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss of responsibility given, suffered or undertaken by the other.” (Currie v. Misa , 1875)
Free consent is must as it makes it clear that party is willing t form the contract. Consent means ‘meeting of mind’ of the parties. In other words, agreeing on same thing in same sense. Consent to be free should be devoid of misrepresentation, undue influence, threat etc.
Intention to create legal relation
People sometimes deal in social way and sometimes in commercial way. Promises made in case of former and not desired to create a legal relation but in later case they are desired to crate legal relation. The prevailing rule suggests that ‘intention to create legal relation is assumed in the latter case. To join friend in party is instance of former and to deliver four bags of tea for certain amount is the instance of latter (Anon., 2006).