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This report will detail out and evaluate about some essential elements regarding valid contract that are necessary for the formation of contract. There are many essential elements for the valid contract that are defined under the contract law. These elements include as offer, acceptance, valid consideration and valid agreement between the parties. Some other elements are also described in this report. Some fundamental doctrines are also mentioned in the report, sources and principles of contract are detailed out in this article. Effect of the contract law and its implementation over some issues and procedures for solving the matters regarding contract law are also described with some illustrations. This report also refers about the implementation of primary and secondary legal sources.
Contract is considered as legally enforceable agreement that makes, describes and administer the mutual rights and obligations between the parties. According to the law the contract can be made for the transfer of goods, services and other things. It is an agreement between the parties that defines their rights and obligations regarding any decided duty that needs to be performed by them. There are some essential elements for the formation of valid contract such as offer, acceptance, awareness, consideration and capacity, legality. These mentioned elements required for the agreement between the parties and they are binding with the agreement. If any of the element is missed in the agreement then the contract that is to be made will not enforceable. There should be valid offer as offeror offer some things that needs to be accept by the offeree.
There are some kinds of acceptance such as conditional, acceptance by action and option agreement. Counter offer is considered as cancellation of original offer. Proper awareness is necessary between the parties about the agreement in that they entered. There should be contractual or valid consideration, if there is no sufficient consideration then it cannot be treated as valid contract. Persons should have contractual capacity for entering into any contract such as they should not miner, lunatic, someone under the influence of any drug or alcohol and person is unable to understand the contract language properly.
Offer, acceptance and consideration are the most important elements for the formation of valid contract. Doctrine of consideration and many other doctrines that describes the valid contract. Consideration is the essential element and required for the valid contract.
Contract is having so much importance in everyone’s life as it legally binds the parties to follow the terms and conditions of the contract. According to the contract if any breach is done by any party to contract then damages can be liquidated. Any issue can be resolved under the contract act by identifying the nature of issue, analyse the issue, represents the summary of the issue and reason at last the attained the conclusion for the issue by the implementation of some appropriate laws, doctrines and rules provided under law. There are various rules, procedures and legislations, doctrines are described in the contract law.
For the businesses contract plays a vital role as it binds both the parties and if any condition of the contract is breached by any of the party, then the amount that should be paid is decided according to the contract act. A legal contract must have some legal purpose, mutual agreement, consideration, competent parties, and factual acceptance and there should not be undue influence of the parties to the contract. There are some issues that can be arises during the contract as lack of contract scope, payment procedures, delivery schedules, term penalties and compliance boundaries. Under this lack of price protection. So, there are many issues that can emerged out under the contract law and these issues can be resolved.
It is identified that for the purpose of considering her primary or secondary legal services to the state the understanding of the development of key legal issues and importance of providing evidence-based conclusion it is taken into consideration that primary law consists of sources that are related to the state of actual law where the sources include the Constitution or the statues. It is also identified that these also includes the cases and the rules and regulations that are created by the government directly. Here it is identified that these includes the treaties which are entered between the government of the country and country for the purpose of maximising the production.
On the other hand, the second law consist of the sources which helps in explaining and criticising the factors that is related to the primary law there are various examples of secondary legal sources which includes the legal dictionary is legal encyclopaedias and law reviews and generals. This also includes that there are various legal treaties which are considered to be important for the purpose of creating a manual and guides on how the tactics law is taken into account. It is very much important to identify the factors that are related to the same so that the primary and secondary legal sources that are related to the understanding and development of the key legal issues are taken into account. It is also taken into consideration that it also includes that what is a providing evidence-based conclusions would be considered so that uses it be considering the factors that are related to the primary and secondary legal sources.
The abovementioned report is states about the basic or fundamental principles, essential elements of contract that are necessary for the formation of contract and there are some elements that are required to make contract and these are described above, without following them there cannot be made any valid contract under the contract law. Some fundamental doctrines related to the contract law and some rules, regulations are also mentioned in the report. Manners of identification of the issue and appropriate solutions and the implementation of these solutions are also described in the report. At the end of this report some primary and secondary sources are also mentioned that supports to analyse the solutions for the relevant issues.
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