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Contract Law

1. The essential components of a valid contract are; agreement, consideration, contractual capacity, and lawful object. (Cheeseman, 2006, p. 172) Each of these elements is necessary in order to defend a contract in a court of law. The definition of each in detail assists in protecting all parties to a contract and is conducive to good business.
a. Agreement: In order to have an agreement, there must be an offer made by one party that is accepted by at least one other party. The party making the offer must be willing to be obligated to the contract, have terms that are set or at least realistically outlined, and have conveyed the offer to the other party or parties. In turn, the party or parties receiving the offer must have given consent to the terms in a fashion determined by the objective theory of contracts. (Cheeseman, p. 185)
b. Consideration: The consideration in a contract refers to something of legal value being negotiated for in exchange for goods or services.......


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Approximate Word Count: 948
Approximate Pages: 4 (250 words per double-spaced page)

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