b In examining the nature of Contract Law Briefly discuss the Elements

B in examining the nature of contract law briefly

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b) In examining the nature of Contract Law, Briefly discuss the Elements necessary for an agreement to be enforceable in the courts. Offer and Acceptance: An offer occurs when one party presents something of value that they wish to exchange for something else of value. The offer is usually the terms that make up the contract. After an offer is presented, it can be accepted or declined. Acceptance simply means that the offer presented was accepted. Acceptance does not have to be written or said, but I can be done through conduct. Consideration: This is essentially the benefit both parties receive for performing the contract (i.e. a service for money). Oftentimes, consideration is money, but it can be a service, an object, or anything else of value. In fact, consideration can even be a right, interest, or benefit. Genuine Intent: This means that all the parties involved in the contract actually intended to create a valid, enforceable contract. However, things can get tricky with promises formed between family and/or friends. Individuals can avoid uncertainty surrounding intention by putting their contract in writing.
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Legality: Legality refers to the subject matter of the contract and whether it is legal. This element may seem unnecessary; however, it simply prevents individuals from trying to form contracts involving unlawful promises or consideration. Capacity: Not everyone is eligible to form a contract, which is where capacity comes in. Capacity means that a person has the legal ability to sign the contract.
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