Without offer and acceptance there can be no contract and so it is essential that the law provides rules to identify what constitutes both an offer and an acceptance. An offer may be defined as a statement of willingness to contract on specified terms made with the intention that, if accepted, it shall become a binding contract. An offer may be express or implied from conduct. In many cases it is crucial to determine when and where a contract is actually formed and this too needs rules.
Offer and Acceptance Essay
Offer and Acceptance - Contract Law - Contract Law Essays
A contract is an agreement which normally consists of an 'offer ' and an 'acceptance ' and involves the 'meeting of the minds ' or consensus between two or more parties with the intention to create a legally enforceable binding contract. Therefore in this essay, the four core elements needed for the formation of a contract such as offer, acceptance, and consideration and intention to create legal relations. From buying a car to being employed, contracts govern all areas of life. That means that any contract that is made legally, which will be discussed.
Offer and Acceptance – Contract Law
A contract refers to a voluntary agreement between two or more parties that is lawfully enforceable as a legally binding agreement. There are various elements of a contract that must be met for any contract to be legally binding between the parties involved. These elements include; offer and acceptance, consideration, capacity and competency, mutual consent and writing requirement. The terms of a contract have specified meanings. Some contracts spell out the benefits that that are derived by third-party beneficiaries or instill requirements on third-party obligors.
No particular formula is required for a valid acceptance. Unless they do match exactly, so the classical theory requires, there can be no contract. If they are not the same, they will not slot together, and the picture will be incomplete.