The four requirements for an enforceable contract

Expert Solution

The requirements of a contract are consideration, offer and acceptance, legal purpose, capable parties, and mutual assent.

Consideration is the interest that persuades the parties to agree to a contract. Every party agrees in a contract to supply an item of value to the other party. An example of this is when selling a boat. You want the buyer to pay you a certain amount and then you can give the boat to the buyer, as the seller. Time constraints, terms of payment, and all other preferences are variables connected with consideration. A contract can only be effective if there is strong consideration on all sides involved.

A contract must have a true, comprehensible, and clear offer and the offer must be accepted. The offer and acceptance of the offer must be both brief but adequately transparent so that there would be no room for error.

A contract must have a legitimate intent not violating any rules. For instance, hiring someone to break into a building and steal something is not legal. If you plan to commit an illegal act, it wouldn't be a valid contract. The contract shall fulfill the necessity of both implied and explicit statutory legality and the legality of common law. State and federal authorities will in many cases require more requirements to be met.

To be deemed "capable" of contracting, one must realize or comprehend what one is doing.Minors and people who have been proved insane are generally marked as unable to reach an understanding because they do not know what they are doing. For addition, people under the influence of drugs or alcohol are not permitted to enter into any binding contract.

Rahul Sunny answered 6 months ago

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