Contract Element Law Assignment Help
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The law of contract basically deals with agreements between two parties, but all agreements are not contracts although all contracts are agreements. To be a legally valid contract, the agreement should such that it should be made commercially and the parties to the agreement must have the intention to be bound by it. There are some essential elements that must be present to make a contract a legally valid contract.
The essential elements of a contract are:
Offer: it is the promise to do or not to something in exchange of something, the person who makes the offer is known as the offeror and the person to whom the offer is made is known as the offeree.
Acceptance: it is the unequivocal consent given by the person to whom the offer is presented; the offeree gives the acceptance to the offer made by the offeror.
Consideration: it is something which is paid in exchange of the promise, having some value in the eyes of the law.
Capacity: it is the legal capacity which means that a person entering a contract should be an adult and also he should have a sound mind.
Meeting of minds: this implies that both the parties to the contract should have entered in a contract on the same matter and in the same sense, this means that there should be mutual understanding regarding the terms and purpose of the contract.
Intention: an agreement becomes a legally binding contract when the parties to a contract have the intention to be legally bound by it.
when all the above elements are present then a contract will be legally valid and can enforced by law if it is breached by any of the parties to the contract.