Different elements of a contract
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...basic element of a contract is that there should be a genuine consent between the parties entering into a contract. This is what is often termed as a “meeting of the minds” of the parties on all the conditions embodied in the contract (Larson, 2010). “The parties must agree to the same thing, in the same sense at the same time” (Window.state.tx.us, n.d.). There should be no mistake, false statements, duress and undue influence (Fitzroy Legal Service Inc., 2010). To make a contract non-binding, the mistakes should “go to the very basis of the agreement” (Fitzroy Legal Service Inc., 2010). In the case of false statements, there are three types, which...