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The Main Requirements of a Simple Legal Binding Contract - Law of Contract.
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| Submitted: Tue Sep 16 2003
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1. The Main Requirements of a Simple Legal Binding Contract A contract may be defined as an agreement between two or more parties to exchange goods and/or services that is legally binding in law. This means that the agreement will generate certain rights and obligations that can be enforced by the courts. The normal method of enforcement would be action for damages for breach of contract. There are 3 basic elements in forming a valid simple contract. First the parties must have reached an agreement (offer and acceptance); secondly they must intend to be legally bound and lastly both parties must have provided valuable consideration. The main requirements of a simple legal binding contract are: * Offer and Acceptance (Agreement) * Consideration * Intention * Capacity Offer and Acceptance The first main element of any contract is agreement. Courts often determine if an agreement has been reached by looking at whether a firm offer was made by...
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