Business Law
"The formation of a contract is not to be confused with its legal enforceability" Discuss.
A contract is put in place to provide a legal link between each party. Therefore it is important to understand on how a contract is formed and what are the steps and requirements to make sure the contract stays legally enforceable. In order for a contract to exist, there are four key elements to it. An offer must firstly be made by the offerer, followed by the acceptance of the offer by the offeree. Considerations must also be done under seal and deed and there must be an intention to create legal intentions for the contract. All these terms must be fulfilled, as any terms left unfulfilled would deem the contract as non-legal enforceable. Besides these key elements, there are also certain factors which might affect the legal enforceability of a contract.
Firstly, I will discuss on the basic formation of a contract that consists of the offer, acceptance, consideration, as well as the......
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Approximate Word Count: 3411
Approximate Pages: 14 (250 words per double-spaced page)
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