Essay Examples on Hampden-Sydney College

A valid contract is an enforceable contract

A valid contract is an enforceable contract if a party has agreed to an action which could be obliged to abide with the legal procedure made upon However an unenforceable contract is also valid but it is not enforced by the court if the agreement agreed upon is not done A contract is usually conditional which means that a party normally should do something as an exchange to another party and is usually enforced by law If a party has approved and agreed to accomplish the condition of that offer then the contract is formed and the condition are legally binding A contract should consist of four elements to be legally binding which are an offer an acceptance a consideration and an intention to form a legal relationship The contract should therefore also consists of a mutuality of obligation and an expressed or implied terms Offer and Acceptance The acceptance of an offer can usually be made verbally or written This takes place when one party the offeror has proposed an offer and the other party the offeree has approved to it However a few conditions should be agreed upon before the acceptance of that offer As the example given MamiKloon the seller offered to sell its cigarette lighter for Rs 50 and Salman the buyer replied that he would only pay Rs 45 and he didn t hear from the seller again It is concluded that there was no contract made between the two parties and the seller did not accept the offer of its buyer who has cancelled the seller s original offer by its counter offer which means a reduced cost This is therefore called a counter offer Consideration Consideration relates to the deal made in an enforceable or unenforceable contract 

2 pages | 584 words