Contract Analysis
Business Law | Contract Analysis | Westwood College |
Eric Givens
2/12/2013
|
Contract Analysis
A contract is a legal document between two or more parties. There are several elements that are necessary in order to make a contract enforceable. The specifics of these various elements may differ from state to state, but all seven of the elements must be present in order for the contract to exist. As such, if one of these elements is missing, a contract can be voided and the parties may not be held liable for any of the obligations set forth in the contract. The contract outlined in the assignment contains all seven elements and makes it enforceable. The seven elements are listed below: 1. Offer - An offer is the beginning of a contract in which one party proposes an arrangement to the other. The terms and conditions are usually listed in the offer. 2. Acceptance - Acceptance of an offer can be written, verbally expressed over the phone, or in person. 3. Consideration – The consideration is something of value that each of the parties is giving in exchange. For example, money is being given for commercial cleaning services. 4. Competence or Legal Capacity – All parties involved must have the legal capacity to enter into a contract. All parties must be of legal age, sound mind and body and able to understand the terms of the contract. 5. Mutual Consent – All parties must be able to provide consent. Consent must not be given under duress or undue influence. 6. Legality – A contract is only enforceable if the contract is legal. A contract can’t be for anything that is illegal such as assault, murder, or other illegal acts. 7. Writing – All contracts do not have to be in writing. However, some contracts related to real estate, marriage, third party debt, and activities that will take longer than a year to complete, must be in writing.
The contract in the assignment was between the State of Oregon’s Department of Human
Eric Givens
2/12/2013
|
Contract Analysis
A contract is a legal document between two or more parties. There are several elements that are necessary in order to make a contract enforceable. The specifics of these various elements may differ from state to state, but all seven of the elements must be present in order for the contract to exist. As such, if one of these elements is missing, a contract can be voided and the parties may not be held liable for any of the obligations set forth in the contract. The contract outlined in the assignment contains all seven elements and makes it enforceable. The seven elements are listed below: 1. Offer - An offer is the beginning of a contract in which one party proposes an arrangement to the other. The terms and conditions are usually listed in the offer. 2. Acceptance - Acceptance of an offer can be written, verbally expressed over the phone, or in person. 3. Consideration – The consideration is something of value that each of the parties is giving in exchange. For example, money is being given for commercial cleaning services. 4. Competence or Legal Capacity – All parties involved must have the legal capacity to enter into a contract. All parties must be of legal age, sound mind and body and able to understand the terms of the contract. 5. Mutual Consent – All parties must be able to provide consent. Consent must not be given under duress or undue influence. 6. Legality – A contract is only enforceable if the contract is legal. A contract can’t be for anything that is illegal such as assault, murder, or other illegal acts. 7. Writing – All contracts do not have to be in writing. However, some contracts related to real estate, marriage, third party debt, and activities that will take longer than a year to complete, must be in writing.
The contract in the assignment was between the State of Oregon’s Department of Human
References: Kennedy, Dan. What Makes a Contract Legally Valid | Entrepreneur.com. Business News & Strategy For Entrepreneurs | Entrepreneur.com