Elements of a Contract Essay

Elements of an agreement

Angelique Gares

BUS670 Legal Environment

Mentor Roger Amos

May 24, 2010


This kind of paper is actually a study of the Element of a Contract detailing the primary elements that constitute a legal binding contract. A contract can be explained as an agreement between two or more folks for example , persons, organizations or government agencies and or business, to complete, or to avoid doing something in exchange intended for something of value. The written text states " to define as a agreement, a set of claims must be depending on a voluntary agreement, which is made up of an offer and an acceptance of this offer. Additionally , there generally must be thought to support every single party's assure. The agreement must be between parties that have capacity to contract, and the aim and performance with the contract should be legal” (cited in Mallor, J. P., Barnes, A. J., Bowers, T., & Langvardt, A. W. (2010). Business Regulation: The Honest, Global and E-Commerce Environment. New York McGraw-Hill/Irwin. pg. 328). An offer is the promise created by one part of another. For example in my career as a Specialized Sales Expert at Verizon, I sell good and services to Global Bundle of money 500 firms and present sales gives to my own customers for anyone telecommunication providers. These gives can be crafted or verbal but are forever in clear a great unambiguous terms. Offers can be unilateral or bilateral in my agreement cycle it really is unilateral. These kinds of offers can either be finished, when every mutual claims are achieved. Or they can expire, in the event that not well-timed accepted, such as in a product sales promotion. The offer could be void, in the event any of the get-togethers do not or perhaps cannot deliver on the assurance. Also offers can even be rescinded following acceptance, unless a clause of the give stipulates that revocation is usually not allowed. Presents are not legally binding. Just like the offer period of the agreement the popularity must be given in clear terms. At Verizon, for example the present and acknowledgement must be done in good faith. To...

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