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Before talking about the elements of a contract, it is important to know what a contract is . Simply put; a contract is a promise
Before talking about the elements of a contract, it is important to know what a contract is Simply put; a contract is a promise that is legally enforceable. If there is a breach in the contract, the law will seek to find a remedy. The elements of a contract may be expressed in different ways. The following elements are lectured on by Mr Jaroszewski because he feels they are encompassing in what he feels the elements should cover. The first element is capacity. Capacity means the person making the promise has to be a proper age usually eighteen to be held to the promise. Capacity also requires the person making the promise to be of a sound mind with a strong enough mental capacity to show they understand what is taking place. Age and mental statues also relate to another part of capacity in regards to natural persons. Capacity also covers artificial persons such as entities corporations partnerships, etc. Authority refers to business leaders, trustees, guardians, and agents who enter into contracts on behalf of entities or other people. Authority seeks to find if specific individuals are authorized and professionally capable of entering into contracts. The next four elements of a contract are offer, acceptance, and consideration. Together they are viewed as the classical elements of a contract. Offer is considered a manifestation of willingness to enter into a bargain. Giving an offer is giving consent and showing a contract is invited between parties, if a party consents to the offer the bargain is then considered a deal. After an offer is given, acceptance of the offer takes place. The acceptance must prove an unconditional willingness to be bound by the offer. Mirrorimage is a term that shows acceptance must be strictly related to the offer. Example offer: I will pay you $ for your used textbook. Acceptance: I will sell you my textbook for $
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