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A contract can be de ned as follows (extracted from the
document [Segal, 2005]): \a contract is an agreement between two or more parties that is
legally enforceable in the event of a breach".
Enron and Merrill Lynch had a contract in which Merrill Lynch decided to buy the barges
in Nigeria by December 1999, and verbally Enron undertook to buy them back within six
months...
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After that sale started to be considered as a fraud, some lawyers claimed there was
no global agreement between the parties (and then that the contract was not valid), and some
others simply stated that the agreement was oral. In order for a contract to be considered
valid, four basic elements are required to be carried out...
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General points of the essay
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