Purchase Agreement Essay

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1.0 Introduction
The agreement I have chosen for this assignment is sale and purchase agreement between the developer and the purchaser. This is an agreement between the developer whose name and description are stated in Section 2(referred as “the Vendor”) and the purchaser whose name and description stated in Section 3(referred as “ the purchaser”).
1.1 Definition of Contract
An agreement that is constraint by law is called as contract. Contracts are normally compliance with a law. The law provides counteraction if a promise is disobeyed or observe the activity as a duty. A contract can be accepted when it is bounden according to the law and a promise must be exchanged for the attention. Besides that, according to Section 10(1) states that
“all agreements are contracts if they were made by the fee consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void”.
This section 10(1) audibly states that the elements where an agreement becomes an important contract in law.
1.2 Elements of Contract
There are eight element of contract which is needed for the formation of contract.
First Element- Offer, when a person himself willing to enter the contract with another person. According to Section.2 (a) offer is anything like proposal that is converted into an agreement and is accepted with the specific terms.
Second Element- Acceptance, the process of acceptance or receiving something offers that had been made. According to Section .2 (b) any offer that accepted and become a promise.
Third Element- Consideration is an essential element for the formation of contract. According to Section.26, Promise as an agr...

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... offers that had been made by the developer to the purchaser. Whereas, the second element is acceptance also clearly stated in these agreement, where the purchaser accept the offers and whatever fees, maintenance and infrastructure fees and so on .The third element will be capacity, from these agreement clearly seen that the purchaser has all the capacity to be involved into a contract of agreement. Finally the last element that I have discussed in these assignment is free consent which is the contracts that had been made is free consent and not caused by coercion, undue influence, fraud, misrepresentation and mistake. Finally we can summarise that an agreement is always consists of eight elements of contract based the sections of contract law and it for me it is a good chance for me to apply principles of law relating to the elements of contract that I have chosen.