Contract: A contract is define as an agreement between two or more parties which is enforceable by law. Contract may be written or oral. There essential elements of contracts under English law are • Offer and Acceptance • Consideration • Intention to Create Legal relation • Capacity • Legality of Purpose Offer and Acceptance: The first step of contract is making an offer and the person or the party who makes the offer is Offeror and the person or the party to whom the offer is made is offeree. A contract takes place when offers are given by one person or a party to another person or a party. Offer must be clear to the offeree and there is no misconception in the offer. Consideration: Consideration must have some ʻ economic ʼ value, but the court will not investigate to see if the parties received equal value. Parties assumed to protect own interest, (Thomas v Thomas 1842). Consideration needs to be an economic value not necessary the same value. Each party to the promise must gain something and loose something by the virtue of promise. Intention to Create Legal Relation: There must have a meeting of minds also known as ʻ Ad idem when one party accepts the offer of another party. Both parties must understand and agree to make legally binding relations. It is a legal presumption that the parties must have an intention to create legal relations in commercial agreements not in social or domestic agreements. Capacity: Capacity refers to the soundness of mind. Persons who are mentally incapacitated at the time of contract can void the contract because they did not understand the terms of the contract and the other party can take advantage of their situation. If any contract made in the situation where a person is incapacitated then... ... middle of paper ... ... one party and the other party can save its money, this creates huge problems for both of the parties because many of the things go wrong. For example terms and conditions, responsibilities, duration of the contract, terms of payments are the essential components of a well drafted contract. Many problems arise when parties draft their contract and do not review contract from their side. A contract that is not clear and does not specifically defines the obligations of each party opens the door towards litigation that will cost more than the cost of paying a solicitor to properly draft or review the contract before parties signing contract. It is in the interest of both of the parties to have a solicitor who draft all the business contracts or review the contract for both of the parties or at least provide a template so both parties can use it to draft their contract.
-up to the individual to decide whether they contract or not and on what term (McMillan)
...extrinsic and internal sanctions. This shows that utility is desired to be impartial and equal.
In utilitarianism priority of justice is possible in view of the priority of its bases. Justice is more than just one of the values, because its principles are derived independently of the other values. Unlike other practical principles, the moral law is not intended to advance any random interests and goals. Justice in utilitarianism does not include any ideas about welfare. Since the idea of justice precedes all purely empirical purposes, justice has a position in relation to the welfare and sets its limits.
Here I will examine a couple of examples on the way utilitarianism is used in both the government and judicial sectors and while some believe that a utilitarian view keeps Americans safe, in reality it is outdated and destructive to America. This paper will attempt to give proof of the harmful effects of utilitarianism in politics.
1.1 Explain at least four points of differentiations between contract and agreement with the help of examples.
Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
Possibility of a certain or ascertainable performance – contract must be physicaly capable of being executed.
Mental Disorder: This states that the mind of the person involved in the contract should be stable at the time of making of the contract. The person must have enough understanding that he can make decisions otherwise the contract will be null and void.
Negotiations always occur between parties who believe that some benefit may come of purposeful discussion. The parties to a negotiation usually share an intention to reach an agreement. This is the touchstone to which any thinking of negotiations must refer. While there may be some reason to view negotiations as attempts by each party to get the better of the other, this particular type of adversarial negotiation is really just one of the options available. Among the beginning principles of a negotiation must be an acknowledgment that the parties to a negotiation have both individual and group interests that are partially shared and partially in conflict, though the parameters and proportions of these agreements and disagreements will never be thoroughly known; this acknowledgment identifies both the reason and the essential subject matter for reflection on a wide range of issues relevant to a negotiation. (Gregory Tropea, November 1996)
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
A valid contract is an agreement including promises made between two or more parties with an intention of certain legal rights and legal responsibility that are enforceable. For there to be a contract – that must contain four essential elements- offer, acceptance, intention to create legal relations and consideration.
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.
Agreement is a mutual understanding of two parties and willing to accept terms and conditions in order to form a legal contract (Penthony et al.2014). Agreement consists of two components; offer and acceptance. Offer is made by an offeror in an exchange for performance from another party on certain terms while acceptance is the action of accepting to the terms of the offer. An offer must follow the requirement in order to form