A contract refers to a voluntary agreement between two or more parties that is lawfully enforceable as a legally binding agreement. There are various elements of a contract that must be met for any contract to be legally binding between the parties involved. These elements include; offer and acceptance, consideration, capacity and competency, mutual consent and writing requirement. The terms of a contract have specified meanings.
Discuss About Offer and Acceptance in Contract Law
The Contract Law: [Essay Example], words GradesFixer
Contract is also said to be as a set of promise which the court and law will enforce it. Not all contract need to be presented in written form. A written contract is normally drawn up by listing all of the terms agreed between two parties. Furthermore, these two parties will need to sign and date the document at the end. In order to form a contract, there are six important elements required.
The first element that must be looked into in order to advice the legal positions of Celia and her potential buyers is the character of the advertisement. It has to be distinguished between an advertisement which constitutes an offer or an invitation to treat. An advertisement may be considered an offer if it is clear, precise, definite and leaves nothing open for negotiation. This was established by Leftkowitz v Great Minneapolis Surplus Store involving a case of the sale of two mink scarves and a stole.