Elements of a Contract that Parties Must Observed When Entering into a Contract - Case Study Example

As the paper "Contract Law as Execution of Promises" tells, all agreement and contract must be developed by a free accord between parties capable to make a contract for a legal consideration and with a legal object and are not hereby particularly acknowledged to be invalid.... Thus in order to enforce a contract, certain components must be present.... For claiming the business deal undertaken by Sally to be a contract, there must be four significant aspects which are:Offer and Acceptance: Any legal contract must have a proper offer and acceptance where one party makes the offer and the other agrees to it....

The following are considered as the necessary elements of a valid contract: agreement, intention to create a legal relationship, free and genuine consent, and parties competent to contract, legal consideration, legal object, agreements not declared void or illegal, certainty of meaning, possibility of performance and the necessary legal formalities.... a contract law is generally an agreement enforceable through law.... Contract and business law are increasingly composite and at the present they affect every industry and all types of commercial contract; from entering into an agreement, to ensure the validity of purchase circumstances....

United Nations Conventions on contract ... In the first case under consideration, SamCo & DeanCo appear to be the parties to the contract, where a deal in respect of buying and selling five dark blue bonnets was to be executed.... The present paper aims to discuss the business and trade deals conducted at international scale between SamCo with DeanCo on the one hand, and between SamCo and CastielCo on the other, in the light of 1980 United Nations Vienna Convention on international trade and business contracts....

For instance, C made an offer of entering into a partnership with D in an export-import business in June 2008; D did not reply to the offer till November 2011.... If an agreement has been made with the intention of entering into a legal relationship, it would be a legal one.... This essay "The Modern Law of Contract" discusses the law of contract that presents a complete and comprehensive scenario, terms and conditions for business dealings, and commercial transactions....

It is worth mentioning that offer is often viewed to be one of the initial as well as one of the influential elements of a contract.... One single party cannot enter into a contract (Dervort 107-108).... In reference to this particular case, David entered into a contract to buy a new Mustang convertible.... Offer is duly considered to be an important contract element as it is viewed to be the initial step in entering into a particular contract (Dervort 107-108)....

In common law such as contract law, this test is often applied.... Good faith is considered to be sine qua non of a valid contract, and the parties are required to act in good faith in their dealings.... A legally valid contract can be arrived at as a result of free consent of the parties thereto and its validity is contested on the basis of terms of the contract.... But the underlying thread that runs the concept of contract is good faith. ...

The author states that an unfair term in a contract implies that the contract contains a clause capable of causing imbalances in the rights and obligations concerning one of the parties to the contract significantly detrimental to the party.... There are circumstances under which the courts have barred the use of a particular term of the contract simply because the term could be treated as an 'unfair' one.... But it is certain that the Unfair contract Terms Act 1977 considers the invalidation of the limitations and exclusions of the liabilities arising out of the operation of the standard written terms of business in case they are found to be unfair or unreasonable....

'a contract is an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or forbearance on the part of the other or others.... Unilateral Contract: 'Unilateral contract' according to legal-dictionary, 'is a contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party.... The paper entitled 'The Law of contract' presents a man who has been led to expect shall come to pass and that what has been promised to him shall be performed....