1. List, and briefly explain, the elements that must be present for a valid, legally enforceable...

1. List, and briefly explain, the elements that must be present for a valid, legally enforceable contract. Your explanation should include why each element is important under modern contract law.

Expert Solution

The critical elements that must be present for a contract to be valid and legally enforceable are:

· Offer

An offer is the first element. It is the first step because there would not be a contract if there is no offer by a party. The offeror promises to perform as per the contract, while the offeree promises to offer something in return. The offeror should provide all terms and conditions to the offeree and the offeree must agree to all the terms and conditions.

· Acceptance

After the offer is made, it should be accepted by the other party. He should be aware about the details of the offer before accepting it. There is no contract, if both the parties are in the negotiating phase.

· Consideration

After accepting the offer, the offeree should give something back to the offeror. Consideration is important as this states the intention of both parties for entering into the contract.

· Legal relationship

Having a legal relationship is mandatory for both the parties in case of default by either party.

· Competency and capacity

Both the parties must be competent and have the legal capacity to enter into a contract. For instance, minors do not have the capacity to enter into a contract.

keosha answered 3 months ago

A contract is a set of legally enforceable promises. A valid contract must have agreement/ offer...

A contract is a set of legally enforceable promises. A valid contract must have agreement/ offer consideration, legal object/purpose, and parties with legal capacity. Sometimes two parties will enter into a contract with the intent to benefit a third party. In these situations, a third-party beneficiary contract is formed. Third-party contracts are difficult to follow with the rights and obligations of the parties. You are required to create a contract (keep it simple-one page). You will select the subject of...

List and explain each of the six requirements for a legally enforceable contract. List and explain...

List and explain each of the six requirements for a legally enforceable contract. List and explain the three tests that an offer must pass to be considered valid. When it became clear that Oscar’s parents needed someone to live in and care for them, Oscar offered to do it. Within a month of moving in, he told his parents that he would leave unless they signed all the real estate over to him and gave him power of attorney on...

The law requires certain elements to be met in order to have a valid enforceable contract....

The law requires certain elements to be met in order to have a valid enforceable contract. A contract is a specific promise to another and also a specific demand of that person. The demand could be a promise of future action (bilateral contract) or immediate performance of an act (unilateral contract). The promise and demand is an “offer”. Meeting the offeror’s demand is known as “acceptance”. Both parties must give or exchange something of value with the other. The thing...

Describe a service or sales contract that meets all the required elements of a valid, enforceable...

Describe a service or sales contract that meets all the required elements of a valid, enforceable contract. Explain why the contract is complete.

1. List the four elements that must be present for a market to exist. 2. What...

1. List the four elements that must be present for a market to exist. 2. What is the market process? 3. What is the difference between demand and want? 4. Briefly explain each of the following: a) The market-size effect b) The real income effect c) The substitution effect 5. Why does a fall in price increase real income? 6. Why is the typical demand curve downward sloping? 7. What are normal goods? Give three specific examples of normal goods....

For Business Law What is insurance? What four elements must be present to create a valid...

For Business Law What is insurance? What four elements must be present to create a valid trust?

A.) Describe the concept of a contract, the 4 elements of an enforceable contract and explain...

A.) Describe the concept of a contract, the 4 elements of an enforceable contract and explain how a contract can be discharged. B.) Describe some defenses to contract enforceability. Describe a quasi-contract and explain why courts impose quasi-contracts in a legal dispute. C.) Describe the elements of an enforceable offer and explain when an offer can be legally revoked. Describe the elements of an enforceable acceptance and explain when an acceptance can be unenforceable?

a) Must consideration always be present to render a promise enforceable? b) Does the magnitude of...

a) Must consideration always be present to render a promise enforceable? b) Does the magnitude of consideration matter? Explain. c) how have the common law courts in some cases permitted a debtor to enforce a creditor’s gratuitous promise to reduce a debt?

What is a Tort and what are the 4 elements that must be present?

List and briefly explain the 4 main elements we use in Marketing to carry out a...

List and briefly explain the 4 main elements we use in Marketing to carry out a Market Segmentation

Question