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(A) Some knowledge of contract law is vital for the holiday-maker, or indeed any business person. What are the valid components in a legally binding contract? Discuss by reference to decided cases. A contract can either be written (with evidence) or, it can be Oral (no evidence) which should be avoided. Both are as important as each other, oral contracts are more difficult to prove. The first essential step of a contract is that both parties should have reached an agreement. An agreement is made when one party accepts an offer made by the other. A legally binding contract contains: Offer, Acceptance, Consideration and Intention. Offer: A definition of offer is a promise to be bound to certain terms if the other party responds. (Suff, 1994) The person who is making the offer is called the offeror, the person who is accepting or the offer is being made to, is called the offeree. A valid offer must...

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