BUS 670 WK2ass - Contract 1 Elements of a Contract Jennifer...

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Contract 1 Elements of a Contract Jennifer Baxter BUSINESS 670 Professor Little April 25, 2011
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Contract 2 A contract is a legally enforceable agreement between two or more parties with mutual obligations. This contract exists when a promise has been made between parties and is then formalized in order for each party to have authority to enforce the contract in the incident that either side chooses not to oblige their side of the agreement. As stated by Mallor, et al., (2010), “the law of contracts sorts out what promises are enforceable, to what extent, and how they will be enforced” (p 290). With the ability to enter into an agreement with the confidence of enforcement for support, a contract must obtain specific elements in order to be enforceable. A firefighter’s contract with their administration not only guides their role in the fire department, but also protects them from unsafe working conditions. It is common knowledge in the emergency services industry that corners are cut and working conditions put compromised in order to save money, and it is the legally binding contract that protects the front line guys in those types of conditions. To qualify as a contract, Mallor et al. (2010) deducts that “a set of promises must be based on a voluntary agreement, which is made up of an offer and an acceptance of that offer. In addition, there must be consideration to support each party’s promise; the contract must be between parties who have capacity to contract, and the objective and performance of the contract must be legal” (p 292). According to Shefrin (2006), “valid and enforceable contracts generally include a set of basic elements that include mutual assent, an offer, acceptance of the offer, consideration,
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This note was uploaded on 08/29/2011 for the course BUSINESS 101 taught by Professor All during the Spring '11 term at Ashford University.

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BUS 670 WK2ass - Contract 1 Elements of a Contract Jennifer...

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