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 4 months ago

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