Primary features of a valid contract: All that you need to know
Understanding the characteristics of a valid contract is critical when entering into any agreement.
A contract is an agreement between two parties that is enforceable. It is created in a variety of
ways, including the following:
·
Orally
·
In writing
·
By inference
An expert offering contract law assignment help can give you better insights regarding this
aspect. Additionally, certain events must occur for a contract to be considered binding. A contract
must include the following:
a) Possess an offer and accept it
b) A desire to establish a legal relationship
c) Confidence in the terms
So, let’s explore the features of a valid contract:
a)
Offer and acceptance: In essence, a contract is formed when an offer is accepted. As a
result, it is critical that the offer is communicated to the offeree in a manner that is clear, definite,
and conclusive. When the initial proposal is accepted, it transforms into an agreement. Both parties
must consent to the agreement, and both parties must agree on all aspects of the agreement. Go
through some custom essays for sale on contract law to understand this concept.
b)
Intention to create legal relationship: To make an agreement that is legally binding, both
parties must want to start a business relationship. When two people make social agreements, for
example, they don't expect them to be legally binding, so they don't count as contracts. In general,
when two people agree to a contract together, they are legally bound by it, even if the contract is
based on other things. It is also helpful for cost-benefit analysis.
c)
Certainty and possibility of performance: As long as the meaning of a contract isn't
clear, or if the contract can't be made sure, then the contract is void. This implies that the terms of
the contract should always be clear, especially when it comes to things like:
d)
·
Parties
·
Subject
·
Matter
·
Price
Lawful consideration: There are two parts to a contract called "consideration." The first
part is what you expect to get in return. Consideration can come in many forms, such as:
·
Cash
·
Goods
·
Act
·
Abstinence
As mentioned in the scholarship essay sample, every contract must have a reason for
it, and the reason must be worth something. Because the payment can't be illegal and it
can't be a gift, it can't be called a "past consideration."
Knowing the features of a valid contract will be easier after you read this blog.