Elements Of A Contract Essay

1556 words - 6 pages

Running Head: ELEMENTS OF A CONTRACTElements of a Contract[Writer Name][Institute Name][Date]Elements of a ContractIntroductionIn today's economy, most people are so happy when they get a job sometimes overlook the papers they are signing and do not really read the fine print. You may think that you are signing a contract, but in reality you are accepting a job with a title, job description, and salary provisions. The economy is structured on the freedom to draw up a contract with legal system that can be enforced (Primack 2009). The contracts that are freely entered into are not always read carefully by the signer. It is also possible that the signer does not have knowledge about the elements needed to build the contract unenforceable.DiscussionConsidering an example the Fabulous Hotel hires you as head chef under a two year employment contract. If you do not read the contract carefully then you will not know that in the small print it says "The below signed agrees not to work as a chef for another hotel in the same metropolitan area for a period of two years after leaving our employ". Therefore, you cannot work for another hotel in the same metropolitan area for two years there are several items that makes this contract enforceable.The elements of a contract will include offer, acceptance, and legal consideration just to name a few. The offer expresses the willingness of both parties entering into a contract. Most of the time the offer is dated and will expired at the end of that date (West and Lewis, 2009). Moreover, if the date is not there the contract is valid only when it is accepted or rejected. When the offer is reject it becomes invalid for example when someone has a house for sale and the other party rejects the offer because of the price the seller has an option to refuse to sell at the posted price (Primack 2009). If the statement is a valid offer or not in court several arguments are taken into consideration.When the offer is made it may not be in writing this is true with contracts as well but in writing it is easier to enforce. Offers that cannot be completed in one year have to be in writing by law. An offer made in response to a previous offer by the other party during the negotiations for the final contract called a counter offer. Make a counter offer automatically rejects the previous view, and requires an acceptance of and in accordance with the provisions and counter offer or absence of a contract (West and Lewis, 2009).Acceptance is another part of the elements of a contract. Acceptance of an offer must be a positive act. Doing nothing is not equivalent to acceptance. The applicant may use any acceptance of an offer, unless the employer specifies a method. It is convenient to put a time limit for a job so that if the potential employee has not accepted within the offer automatically expires (Primack 2009). For example, when a buyer accepts an offer and maintains good or not rejected in a limited time period, then the offer...

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