Question

Objective: Apply concepts related to contract law and contract creation (Unit 2 and 3 - CLO 3)

Description: Students will create a binding contract based on the conditions suggested by the instructor. Based on the contract students will write a descriptive essay explaining the elements and clauses in the contract.

Grading: Grading Rubric has been provided.

Answer 1

In order for a contract to be proper and legally enforceable it must have the following key elements: offer, acceptance, consideration, intention to create the legal relation and certainty.

Offer – “An expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed” Offer is one of the most important contract terms: one party makes an offer for an arrangement that another accepts.

Acceptance of an offer means unconditional agreement to all the terms of that offer or a final and unqualified expression of assent to the terms of offer. Acceptance will often be oral or in writing, but in some cases offeree may accept an offer by doing something (From our scenario Acceptance can be identified as Ron answering these questions to fulfill the game obligations or Julies performance answering all quiz questions to participate in quiz game). In our scenario I can identify two types of acceptance. The first one is Ron when he decided to participate in this type of survey to win the game. His acceptance was expressed orally and clearly. The second one is more complicated because of Julie status. Julie decided participate in quiz game during promotional event, from one point of view, her acceptation was trying to answer all questions or by doing performance. According to Sally, who is trying to convince that Julie wasn’t invited to this party so her acceptance is mere puff. From the reasonable point of view, Sally verbally expressed that the quiz game is for people who are here. It characterizes Sally as legally equal quiz player. In Brogden v Metropolitan Railway Company case Lord Blackburn pointed out that: “I have always believed the law to be this, that when an offer is made to another party, and in that offer there is a request express or implied that he must signify his acceptance by doing some particular thing, then as soon as he does that thing, he is bound”

For the Acceptance, the essential requirement is that the parties have each from a subjective perspective engaged in conduct manifesting their assent. This can be called a concurrence of wills or ad idem (meeting of the minds) of two or more parties. Sally, who represented marketing company, called Ron to typical survey about her promoting product. She promised, that if answered few questions his name would put in draw for two free return tickets to holiday and also invited to promotional event. Ron spent his time answering these questions.

This element of the contract is necessary to form legally binding contract. Sally invited Ron to promotional event and Ron accepted invitation. In order to advice Ron and Julie, it is essential to identify whether parties intended to be legally bound. Sally represented marketing company and worked under commercial company authority. There is presumption that all commercial agreements are legally bound. In Kleinwort Benson Ltd v Malaysia Mining Corp. Judges stated, that business parties is all the time in position to intend create legal relations. Moreover, it is easier to compare commercial agreement and domestic agreement, which usually are not legally binding using leading case Balfour v Balfour. The key feature of these cases is that partners did not tend to create legal obligations in domestic affairs. It is obvious that Sally and Ron relations were not domestic.

The creation of a contract allows two parties to enter a legally binding agreement for goods or services.3 min read

The creation of a contract allows two parties to enter a legally binding agreement for goods or services. As a business owner, it's important to understand the different types of contracts and the required elements they must include.

What Are the Elements of a Contract?

In the case of a contract dispute, the judge will first determine whether a contract existed between the two parties. If a party does not hold up his or her end of the agreement, breach of the contract has occurred. The party who did not breach the contract can seek legal damages through arbitration, mediation, and lawsuits. However, to be legally binding, a contract must contain:

• An offer and acceptance
• Consideration
• Mutual obligation
• Competence and capacity to enter a contract
• A written instrument

The judge must be able to determine that the person who accepted the contract offer intended to enter the contract, accepted the terms as proposed, and communicated this acceptance to the party that made the offer.

The offer is a promise by one party to do or not do an action in the future. Once the other party accepts the offer, it becomes legally binding. The offer must be clearly stated and all expectations outlined so that each party understands the terms of the agreement.

"Consideration" means that each party must offer something of value, which may include an interest, right, benefit, loss, forbearance, detriment, or responsibility. It could be effort, money, service, or promise. If consideration does not exist, one party is offering the other a gift rather than a legally binding agreement.

"Offer acceptance" occurs when the contract is signed by both parties voluntarily. They may not be influenced by outside factors. Performance of the contract terms can also be considered acceptance. If the other party requests a change in terms before signing, he or she is negotiating with a counteroffer.

With some contracts, the offer must be accepted by a specific deadline. Acceptance may occur instantly through an in-person meeting, online chat, or on the phone, or it can be non-instantaneous if sent by mail.

"Mutuality" means that both parties are on the same page regarding the terms of the agreement. This means that the terms must be fairly represented and that neither party was misled.

"Legal intent" means that the contract was not created to promote an illegal purpose. Contracts that require illegal actions to be fulfilled are not legally binding.

Both parties must be competent to sign a contract, which means they have the mental capacity to understand the terms, are at or older than the legal age of consent, and that they are not under the influence of drugs or alcohol when signing.

Though minors can legally enter a contract, they can also opt to void it at any time before turning 18. A diagnosis of mental illness alone is not sufficient to deem a party incompetent to sign a contract. It must impair the individual's ability to understand the terms of the contract for the agreement to be determined legally invalid.

Does a Contract Have to Be Written to Be Valid?

Only certain types of contracts have to be in writing to be legally enforceable. In most states, these include:

• Real estate agreements
• Contracts with a term lasting longer than 12 months
• Agreements to marry
• Promises to pay debt

Many states also add insurance contracts, contracts for the sale of goods above a specific cost, securities sales agreements, and long-term leases.

How Are Contracts Interpreted by the Court?

When the court interprets a legal contract, they look at the ordinary meaning of the language and consider the parties' intentions for entering the agreement. If the intention is unclear, the court will consider usage and custom in the business and region in question. A specific manner of expression is not required for a party to enter an agreement.

Unilateral contracts have no defined second party or are offered to many parties at once, while bilateral contracts have two distinct parties, each with specific duties and rights. A party to a unilateral contract is not obligated to act but is bound by the terms of the agreement if he or she does act

Our grading contracts are designed to help you focus on the writing process for each essay and will essentially serve as the rubric for the project. If you complete all elements below, you will receive a B on each essay project. To earn a higher grade, please read further.

1. participate in class regularly;
2. meet due dates and writing criteria for each essay assignment. Turning in a piece of writing that does not meet the requirements outlined in the directions will not satisfy this portion of the contract.
3. participate in all exercises, mini-assignments, and activities, including submitting all reflective writing;
4. complete all informal, low stakes video discussion assignments. This includes posting and replying to your classmates.
5. give thoughtful peer feedback during peer review assignments and work faithfully with your partners on other collaborative tasks (e.g., sharing papers, commenting on drafts, peer editing, on-line discussion posts, answering peer questions);
6. Produce the required number of drafts before submitting the final draft;
7. make substantive revisions when the assignment is to revise—extending or changing the thinking or organization—not just editing or touching up;
8. copy-edit all final drafts of main assignments until they conform to the conventions of edited work;
9. Ask your teacher questions or utilize the writing center to discuss drafts and receive feedback;
10. Read and reflect on all assigned resource material from our open textbook modules to reviewing student examples.

Thus you earn the grade of B in each essay unit entirely on the basis of what you do—on your conscientious effort and participation. The grade of B does not derive from my judgment about the quality of your writing. Grades higher than B, however, do rest on my judgment of writing quality. To earn higher grades you must produce writing in the final draft of each essay that I judge to be exceptionally high quality.

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