Question

1. The elements of a valid contract.
2. The features of:  quasi, bilateral, unilateral, and contract of adhesion contracts
3. . The difference between a covenant and a condition.
4. . Which acts are not considered legal consideration.

not too long answers

Answer 1

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A. The elements of a valid contract are:

1. Offer and acceptance: the contract is formed when it is offered by one party and accepted by another party. It should be clear, definite, and purposeful.

2. Consideration: something in return is said to be a consideration and to form a legal contract it is important to have consideration.

3. Intentions to create a legal relationship: without the intention to create a legal relationship or any social agreement is not considered to be a contract.

4. Lawful object: The goal or objective of an agreement should be lawful, then only it is said to be legal.

B. Features of quasi-contract are:

Quasi-contract is said to be unrealistic as it is not based on the element, offer, and acceptance rule. It is not formed from any legal agreement rather it is imposed by the law. Quasi-contract is a right that is available against one person only.

Features of the bilateral contract are:

A bilateral contract is a very common form of binding agreement where a contract is formed with mutual promise. In this bilateral contract, offer and acceptance is the main element. Both parties, i.e obligor and obligee fulfills promises to each other.

Features of the unilateral contract are:

A unilateral contract is a one-sided contract where the offeror agrees to pay it the offeree the reward for performing any action. breached of the contract is another feature of unilateral contract as in return offeree can sue for the breach.

Features of the contract of adhesion are: In a contract of adhesion, one party has more power than the other party. Usually, the contract of adhesion is created or formed by a party who is having good bargaining power and the other party agrees to sign the contract.

C. Condition is a contingency or implication that has to be met otherwise either party could just lose. It is a general fee on any real estate or property.

Covenant is a promise to do something as it is an agreement between parties to act or perform as specified with a written agreement or oral consent. Covenant is related to real estate or property documents.

D. Any illegal or immoral acts are not considered to be legal considerations because consideration under contract is characterized as an exchange of value between parties of a contract. Without consideration, a contract cannot be implemented, and if a contract is illegal than automatically consideration is served to be illegal or immoral.