The elements of a Validated Contract Essay Example | Topics and Well Written Essays - 1000 words

The elements of a Validated Contract - Essay Example A proposal is an act when a person wants to do something or abstain from and shares this thought or idea to someone, thinking or wanting that particular person to act or think in the same way. An offer is a promise that bounds a person keeping in mind that all the terms and conditions are disclosed and accepted as well. It means that there must be acceptance of exactly what has been offered as a proposal. This is the first step towards making a contract. Such a proposal or offer when accepted, it becomes a â€Å"promise†. All these actions are based on the intention to make a legal relationship. Generally, there is not any intension to make a legal relationship in daily routine agreements. However, for a valid contract, the agreement or acceptance must be on legal bases. A person who made an offer can withdraw the offer that has been made before it is accepted. To make the withdrawal successful, the person who has proposed the offer, should converse with the other party and in form them in clear terms that the offer has been withdrawn, and it doesn’t exists anymore. Similarly the acceptance must be made and communicated to the offerer. ... An agreement without consideration is considered to be void. Consideration stands as the cause or reason of the promise. Consideration is an essential part of a contract. Consideration is also termed as â€Å"object†. The object must be lawful for agreement to be called as contract. As long as consideration exists, the law does not question about its fairness and capacity. Without this, an agreement is not acceptable or it is not treated as a valid contract. The consideration should not be illegal or impossible to perform by any of the two parties involved. A consideration is unlawful if it is forbidden by law, fraudulent and the courts declared it as immoral act. A promise is always made in return of a promise. That promise must be ethical and lawful. 3. Legal Capacity: There are some restrictions regarding entrance into a valid contract. It is necessary for both the parties of the contract to be completely able to respond to the contract. Both parties must be proficient of e ntering the contract and in case they are not able to handle the contract, then the agreement will not lead to a valid contract. Each party must be fully aware of all the rules and restrictions. Also it should be experienced enough to deal with the contract. In terms of law, a party should be of â€Å"age of majority† and â€Å"sound mind†. These words clearly mean that parties must be mature enough for the contract. There are mentioned some groups of people which involve a problematic consent and are dealt in a separate way under specifies rules for them. Such groups consists people like bankrupts, prisoners, corporations those who are mentally impaired. Capacity and consent of these people are brought into consideration while discussing such cases. 4. A legal purpose: In our daily life, we