Elements Of Contract Essay

1205 words - 5 pages

A contract is a legally binding exchange of promises or agreement between parties that the law enforce. It does not prescribe the rights and obligations of the parties. A contract does not need to be in writing to be enforceable. We will evaluate the offer, acceptance, and legal consideration.
Written
A written contract clearly communicates the details of the deal in writing. Also it eliminates doubt that it exists which is what has to proven in a verbal contract. Written contracts can come in the form of proposals, invoices and warranties.
Contracts are entered into daily by individuals and companies that are providing goods and services. Being in Healthcare service industries, companies bid on hospital RFP’s (Request for Proposal for support services. The company I am contracted with entered into an agreement to provide food and environmental services to a Healthcare company for more than $600 million. This contract covers over 100 hospitals throughout 25 states and will be rolled out over the next 24 months. Companies I’ve worked for have a boiler plate contract that they submit with additional detail required the specs of the RFP. According to Nolo.com, “the term “boiler plate” refers to standardized language in contracts.” Boiler plates affect how disputes are resolved and how contracts are enforced. There are some common boilerplate provisions for contracts such as arbitration, jurisdiction, and waivers to name a few.
Contracts are negotiated between business and unions. U.S. Newswire reported, “Our dedicated members work hard everyday, servicing hundreds of hotel patron while battling the elements year-round. They have the right to a new contract and deserve to be treated with dignity and respect.” In this case, an offer was made and the other party rejected the offer. Once an offer is rejected it is no longer available. David R. Koepsell (2000) raises the question, “where are contracts negotiated when they are negotiated in cyberspace?”
Verbal
When I decided to attend Ashford University, I signed an agreement to pay for classes. We will examine the elements of the contract by analyzing the offer, acceptance, and legal consideration. Over 24 month ago, I received a verbal job offer to relocate to Atlanta Ga. The initial offer was not a good offer for my family and I, so I rejected it and presented a counteroffer. A counteroffer an offer made in response to a previous offer by the other party during negotiations for a final contract.
Offer
An offer sets the terms and conditions of the contract. One of the most important features of a contract is the offer. This is where one party makes an offer and the other person accepts. While in High School, I was offered a college scholarship to play football. The coach made me an offer that would provide me an opportunity to play football and receive my degree. The scholarship was worth more than $100k which includes room and board, meals and fees. After the...

Find Another Essay On Elements of Contract

The Statute of Frauds and the Uniform Commercial Code

983 words - 4 pages , merchantability, and adequate assurances, where the consequences of a breach, reliant upon the predominant factor test, avail remedies intended to encourage the continuity of commerce between merchants and buyers (Spagnola, 2008). The UCC only require two or more parties, and identifiable subject matter to form a contract, unlike the statute of frauds, which has more required elements and less flexibility (Spagnola, 2008). The UCC also includes

Leadership and Performance Essay

777 words - 4 pages concept in dealing with organizations, but, questions the content and elements of psychological contract provided by other authors including Rousseau. Nevertheless, I am more intrigued by his skepticism in the term “contract” in psychological contract, which he coined as a legal metaphor. In his article he states that “a contract implies mutually, an agreement or at least the outward appearance of an agreement is an essential ingredient of a

business law

2044 words - 8 pages to the necessity of establishing the essential elements of a collateral contract before this device can be implemented.[9: Gay R. Clarke, PRODUCT LIABILITY ACTIONS IN AUSTRALIA: IS THE COLLATERAL CONTRACT REMEDY AN OPTION? Available from https://ljj.law.qut.edu.au/article/download/316/308 p 5]Australian Cases(A)Warranty or Mere OpinionThree important Australian case examples here are the two High Court decisions of J.J. Savage & Sons v Blakney

Contract Law

3564 words - 14 pages element that inside it. And also what are the elements that can be ended the contract. The most importance on the contract is the formation that we should create on the contract. Now contract is used as commercial transaction, and law of the contract affects one's everyday lifeintroductionContract can be defined as a legally bidding or a promise or set promises which is enforceable by law. And the contract usually made between two parties or more

COntract law

1285 words - 6 pages a number of essential elements that each contract must undertake in order to make the contract lawful an adequate e.g. incorporation by signature, incorporation by reasonable notice and incorporation by a previous course of dealing. When a participant wishes to engage in the laser war game activities, they are firstly giving a contract in which the game player is intended to sign. The contents of the contract become terms of the contract

Commercial Transactions

560 words - 2 pages In this executive summary I will be answering the following questions about the company:1.What are the four elements of a valid contract?2.Describe the objective theory of contracts. How does that theory apply to this case?3.Why do you think the court held that there was not a valid agreement here?4.Are advertisements generally considered offers? Why or why not?5.How does this case differ from a reward situation, where a unilateral contract is

Australian Law and Business - case study

2464 words - 10 pages Jack prior to the ride for taking him to the University for free. It was no doubt that Jack is doing business in which he drive passenger to their request destination in exchange for a certain sum of money (the taxi fare).To create a contract, there are 4 essential elements which are Intention, Offer, Acceptance and Consideration:-IntentionIt means that there must be an intention to create legal relations between both parties. For identifying the

a frustrating experience

1593 words - 6 pages -letting and sub-contracting elements of that task were not inconsistent with that personal relationship. It was held that the contract was frustrated due to Mr. Rochester's serious illness. She further held that the defendant could not arrange somebody else to continue with the work as he did not have any employee. Mr. Rochester was thus entitled to judgment on his claim in the sum of £13,550. Commentary of the journal article: This article

Bigtown's Executive Summary Salt Lake city Scandal

907 words - 4 pages Executive SummaryThis report analyses the city of Bigtown's mayor's idea of auctioning off Bigtown as an advertising campaign, with the case study of the John Leonard vs. Pepsi case.Four Elements of a Valid ContractThere are four basic elements of a legal contract that make enforceable, which are lawful object, contractual capacity, consideration, and agreement. According to the In Collins Dictionary of Economics, "a contract is a legally

Evaluate Components of a Contract

1408 words - 6 pages -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.” Using this scenario this author will examine and explain the “five elements of a contract” that are a necessity for the contract to be enforceable. “The five elements of a contract” A contract between two parties must have certain element to be considered tangible or authentic. The element of the contracts

Aspects of Contract and Negligence for Business

2074 words - 8 pages terms and conditions. There are more important terms named “conditions” and less important named “warranties”. Conditions are important because without them one or other of the parties will not be able to enter into the contract. In warranties terms the side which fail the contract should pay just monetary damages for any loss suffered. LO 2.1, 2.2, 2.3 Evaluation of the elements of contract, law of terms in different contracts and the effect

Similar Essays

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

Commercial Transactions And The Elements Of A Legal Binding Contract

1114 words - 4 pages There are four requirements which constitute what is generally referred to as the elements of a legally binding contract. If only one of the four elements is not present, a legal bond is not able to be created. Listed below are the four elements of a valid contract;(1) Agreement: An agreement to shape a contract requires that it contain both an offer and an acceptance. This means that one party must proposition the entrance into a lawful

Anatomy Of A Contract Essay

1008 words - 4 pages Jentz 289). In other words, it is a set of legal promises between two or more people or businesses. Contract law includes the elements of a contract, genuineness of assent, fraud, duty to disclose, disaffirmance and good faith. In order for a contract to be valid, there are essential elements that it must have. These elements include: an agreement, consideration, legality, and capacity. Among the 4 elements of a contract, the most important

Advertisements Are Not Legal Agreements Essay

924 words - 4 pages Abstract This paper examines the elements of a legal contract and how advertisements are not viewed as legal contracts in most cases. It will review the case of Leonard vs. Pepsico to determine what happens when an advertisement is viewed as a valid offer and responded to with such view. How rewards and auctions are viewed in legal terms. Finally, how this applies to the creative idea to boost tourism by auctioning Bigtown on eBay. Elements of