Elements of a Contract

Elements of a contract A contract is a legally enforceable agreement between two or more parties, where parties could be individuals or businesses, which is created when both parties in the agreement assume a legal duty. (Find Law, 2012). For the contract to be legally enforceable it needs to have at least three main elements namely an offer, acceptance and legal consideration. If any of this is missing then the contract is null and void. In this paper we look into each of these elements in detail. An offer is a statement or any other indication that one party is prepared to enter into a legal contract with another party if certain terms are met. (E-law, 2012) It is the willingness to enter into a bargain with another person with an aim of understanding the other party. The goal is to eventually agree and enter into a contract which can be enforced in a court of law. It must be stated in such a manner that the person receiving it can accept it without making any alteration to it.
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  Elements of a Contract

Elements of a contract A contract is a legally enforceable agreement between two or more parties, where parties could be individuals or businesses, which is created when both parties in the agreement assume a legal duty. (Find Law, 2012). For the contract to be legally enforceable it needs to have at least three main elements namely an offer, acceptance and legal consideration. If any of this is missing then the contract is null and void. In this paper we look into each of these elements in detail. An offer is a statement or any other indication that one party is prepared to enter into a legal contract with another party if certain terms are met. (E-law, 2012) It is the willingness to enter into a bargain with another person with an aim of understanding the other party. The goal is to eventually agree and enter into a contract which can be enforced in a court of law. It must be stated in such a manner that the person receiving it can accept it without making any alteration to it.
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