What Is A Contract and Its Element

What is a Contract and its Element?
Contracts define agreement between parties. Or A contract is an

agreement between two or more parties to do, not do, or promise
something. Contracts can come in many forms they can be oral or
written, implied or express, and legally enforceable or not. The
strongest contract, in terms of enforceability, has an offer, acceptance,
consideration for the exchange, clearly sets out the terms of the
agreement without ambiguity, and is signed by the involved parties
with proper capacity to enter into the contract. Weaker contracts
include verbal agreements or contracts drawn up by parties in direct
violation of state or federal laws. There are numerous aspects related
to valid contracts; in fact, an entire course in law school is often
devoted to contract law.
While we tend to think of written contracts when we talk about
contracts, the most common type of contract is actually an oral
contract. In fact, we pretty much enter into at least one oral
contract every day. For example, a parent might tell his or her child
that they will get a reward if they behave properly at a certain event. If
the child agrees, then you have a type of oral contract albeit one
that isn't legally binding!
Contracts can be implied or express. That is, the entire contract, or one
or more of its terms, can be implied or express. Typically, when we
think of contracts we think of express contracts. For example, in
a contract for a monetary loan, you will likely promise to pay a certain
monthly rate at a certain interest rate until the loan is paid off. In
addition, you probably will agree to late payment fees as well. These
terms are explicitly laid out in an express, written contract.
Sometimes, however, a contract term or the entire contract itself is
implied. For example, when you order food at a restaurant you are
entering into a implied, oral contract. You and the server do not
explicitly state the offer and acceptance for the steak you ordered with
a list price of 32 US Dollars (USD) but that agreement is implied. The
basic elements of a contract, namely an offer, acceptance of the offer,
and consideration for the exchange, are all implied.
Offer and acceptance, sometimes also called meeting of the
minds is a fundamental part to a contract. Without it, we might bind
parties to contracts who did not want or intend to be party to
the contract. Consideration, on the other hand, ensures that something
is being exchanged. In some cases, the law requires that consideration
be adequate, that is, a relatively reasonable price, or nominal, where
just a dollar will do. Other times, the requirement of consideration may
be waived in the interest of preventing injustice.
Contracts may be enforceable by law or they may not. The
example of the agreement between the parent and child would not be
enforceable by law whereas the agreement for a loan likely would be
enforceable by law. Whether a contract is enforceable by law depends
on numerous factors, the primary factor being whether the parties
to contract intended the contract to be legally binding or legally
enforceable.
A contract may not be legally enforceable for a variety of factors.
Problems on the face of the contract can make it void. If one of the
parties to the contract has diminished capacity whether it be due to
age
or
mental
condition
the contract will
most
likely
be
unenforceable. Fraud or misrepresentation by a party to a contract can
void the contract as can contract terms that violate controlling laws.
Legal Contract
A signed legal contract will ensure that all parties understand

the expectations. First and foremost, a legal contract must be
signed by all parties. Usually, the signatures are located at the
very end of the contract, along with the date it was executed.
In most developed countries, children cannot be bound
by contracts that they may sign or to which they may have
verbally agreed. There are instances, however, when
the legal contract age for certain agreements may include
minors. The laws and exceptions regarding legal contract age
can vary from one jurisdiction to the next.
Difference between a contract and an

agreement
A contract is an agreement between parties that is legally enforceable.
A simple "agreement" is an arrangement between the parties which
may or may not contain the necessary elements to be enforceable
before a court of law.
In Simple Words:
A Contract is enforceable by law while an Agreement may not be

enforceable
by
law.
Read
more: http://wiki.answers.com/Q/Difference_between_a_contract_and_a
greement#ixzz19FpgQOW4
Promises or Commitment - Is There a Difference?
A commitment is an action. A promise is a word. Actions speak louder

than words. Yes, you can promise to make a commitment - that's what
a wedding ceremony is. It's a ceremonial and verbal promise that
enacts the commitment. But you can break marriage promises - so
commitment is about your way of life, not necessarily about what you
say - but what you do, day in and day out.
Can a married person be tempted to break their promises? Sure. But a
committed one doesn't. A committed person stays the course, they
stay true to their vows - they look for the good in the bad and they do
their best to make the relationship work.

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What Is A Contract and Its Element

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What is a Contract and its Element?

Contracts define agreement between parties. Or A contract is an

A signed legal contract will ensure that all parties understand

Difference between a contract and an

A Contract is enforceable by law while an Agreement may not be

A commitment is an action. A promise is a word. Actions speak louder

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