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Essay's paper info
| Topic: |
Business
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| Number of pages / Number of words: |
8 / 1969 |
Essay's paper body
'A contract need not be formal, written document, and those who make a contract do not have to use the word contract or recognize that they made a legally enforceable promise.' Nonetheless for a contract to be valid there must be basic elements included such as an offer, acceptance, consideration, capacity of parties to contract and lawful purpose (Reed et al...
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Many contract agreements are void because of the lack of essential elements. Therefore, a valid contract has to have five fundamental elements which include an offer, acceptance, consideration, capacity of parties and a legal purpose. In terms of an offer, at least one party must make a promise that is attached to a specific demand...
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