The Five Aspects Of The Five Elements Of A Contract

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Recommended: State and explain the four requirements of a valid contract

Introduction The paper is going to explain the five elements of a contract, why this contract is governed by common law, and also two circumstances in which this non-complete agreement would be unenforceable. Laws that govern a contract When it comes to a contract laws they will be governed by the common law or the Uniform Commercial Code. With that said when a person receives a contract they must know what type of law it will fall under. If the contract has to do with the sale of goods, then it would be placed under the Uniform Commercial Code, and if the contract has to do with anything other than the sale of the goods then it would go under the common law (Seaquist, 2012). When it comes to a contract there are different bodies that apply to different parts of a contract. When it comes to warranties, this will fall under the Uniform Commercial code. When you hire an employee this will fall under the principles of the …show more content…

In order for the promises to be enforced they must meet certain criteria’s. The five criteria’s are: the offer, the acceptance, the consideration, the capacity, and the legality (Seaquist, 2012). The offer is in the beginning of the contract process. The person writing the contract must give the contract to the other person. When the proposal is giving to the other person, that person has the right to accept it or to reject it. If that person rejects the proposal then the offer does not stand. Then comes the acceptance (Safrath, 1999). The acceptance can be done in different forms. It can be done by phone, in person, or written. The acceptance must be clear that the person accepting the proposal agrees to the buyer’s terms. There is also something called the mailbox rule. Most states will abide by this, this means that when someone accepts an offer they put it in the mailbox or in an email, showing that they accept the proposal (Safrath,

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