Question

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 of value is known as “consideration”. Consideration is the promise to give, or actual giving, of a requested benefit or the incurring of a legal detriment (i.e., doing something one does not have to do). Finally, both parties must be of a legal age and sound mind, and the purpose of the agreement cannot be illegal or against public policy.

(1) Why do you think that the law requires an agreement to have all of these elements to be enforceable?

(2) Can you think of situations where any of these elements are not present, but you believe the agreement should be enforceable anyway? You can use personal examples or stories you have heard in the news.

Answer 1

Q1
ANSWER - The law requires an agreement to have all of these elements to be enforceable as :
lets consider the first factor which is offer.
Agreement always start with an offer. An offer is an expression of a willingness to enter into a contract on certain terms. Without offer an agreement can not start which makes it a significanct part of an agreement.
Acceptance is the 2nd factor
acceptance by the offeree is the unconditional agreement to all the terms of the offer . there must be "meeting of minds" between the parties for an agreement. if there will be no acceptance of an offer the agreement will never take place.
Consideration - it is the 3rd factor  
Consideration is the act of each party exchaning something of value to their detriment. A sells A's automobile to B and B provides cash in exchange of automobile . Consideration is needed so that both parties incur some sort of burden or obligation in an agreement to comply with the agreement.
Legality - it is the 4th factor
The basic rule is that courts will not enforce an illegal bargain .
Lack of mental capacity- An agreement requires a person to understand not only nature and quality of transaction , but an , understanding of its significance and consequences. without this it will not be considered an agreement.
Minors and contracts - minors under the age of 18 years . Every aggrement with minors is void from the begining . it is void and null hence there is no legal obligations arising from a minors agreement and contract per se hence nobody who has not attended the age of majority can enter into an agreement.
The disruption of any of these factor will not make an agrrement success and the law won't be enforced.
Q2
ANSWER-
There can be a situation when a person occasionally be of sound mind but for some time may be of unsound mind and vice versa . if the contract has been signed in sound mind in any of the cases the agreement will be considered as enforceable .
eg- Suppose person A is suffering from a split personality disorder but for some time he behaves of sound mind , so the agreement signed in the sound mind will be considered enforceable.