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Running Head: TOUCHSTONE PROJECT IN CONTRACT LAW Touchstone Project in Contract Law Jeremy Roundtree Strayer University Business Law 10/07/2020
TOUCHSTONE PROJECT IN CONTRACT LAW 2 Elements in a Legal Contract through use of examples from applicable scenarios A legal contract implies to an agreement that occurs between two different parties or entities that results in the establishment of mutual obligations that can be enforced legally. Before a contract is deemed as being legally binding, there are various aspects that have to be satisfied or met by both entities that are involved in the contract ( Heiss, 2018) . One of such elements that have to be met or realized so that a contract becomes legally binding is that it must have an offer. An offer means that one of the parties involved should have promised to either execute or refrain from doing some particular actions after such a promise. For example, Stan Salesman had offered to sell a car to Jim and Laura. Another element that has to be given consideration in order for a contract to be deemed as being legally binding is consideration. With consideration, this means that an item or service of great value had been promised in exchange for either a given action or a non-specified action. This can comprise of money or efforts, promises of carrying out some sort of actions, an agreement not to do a given action or non-action. This is in form of expenditure, money or even efforts. It can also imply to an agreement where a given party in the contract either promises to execute some form of actions or even depend on a promise that has been given. Consideration

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