Sample Law Essay on Explanation of the elements of a contract

Explanation of the elements of a contract

When two or more parties agree to carry out a certain project and willingly agree to be legally bound their agreement, they are said to be in a contract. For any contract to be regarded as legal in a court of law, it should have all the elements that are required.

An offer

An offer simply shows that one party is willing to engage in a certain project or deal with another party. An offer has to be reasonable to easily convince the second party to accept it.

An acceptance

Once the second party thinks that the offer is logical, the party accepts it and this is what is referred to as the acceptance element in a contract. It plays a significant role in ensuring that the second party is also interested in the project or deal proposed by the offeror.

Consideration

A consideration is a vital contract element that ensures all parties acquire something of value upon accomplishment of the agreed project. This element plays an instrumental role in ensuring that all parties in a contract are in a win-win situation.

Capacity to contract

Minors that are persons below the age of 18 are not allowed to enter into any contract as they can be taken advantage of by other majority parties in the contract. The capacity to contract protects minors from entering into contracts as they lack sufficient knowledge and resources to enter into contracts.

Legality element

The legally binding element is vital as it ensures that all parties have accepted to be sued in case they breach any of the contractual terms.

In conclusion, all elements of a contract are of great significance to all parties in a contract and should be present in all contracts for the contracts to be regarded legal.