David Contracts Written Project Essay Example | Topics and Well Written Essays - 1000 words

David Contracts Written Project - Essay Example Offer There must be an offer in any form if a contract. A contract includes an offer by indication of an offerer who is the person or party that makes the initial offer to enter a contract, and an offeree. The offeree is the person or the party to whom accepts the offer under certain terms. A contract can only come into existence when the offeror presents his or her offer to the offeree under certain conditions and terms and the offeree accepts it willingly without supplementary negotiations. An offer is an affidavit or a proclamation of the terms on which the offeror is amenably obligated to in the agreement (Gillies 85). It is the current intention to be in obligation in an agreement with certain and definite terms presented to the offeree. Expression of willingness to a contract can take different forms such as email, fax, letter and even conduct provided it presents the basis by which the offer is ready to contract. The court of law determines whether parties have a valid offer o r an agreement by using a test called the objective test. The contractual intention to be obligated in a contract is judged objectively and evenhandedly in the courts of law (Gillies 89). Courts emphasizes that the most important thing is how a reasonable individual would view the situation in a contract and not a party’s or individuals real intentions in a contract that matters. The conditions and requirements of an offer should have the following: terms of payment that includes detailed information of the item on offer and date of payment, price and delivery date. Without any of the above-mentioned conditions being fulfilled in an offer, the offer on sale is not an offer but rather an advertisement. An offere can decide to revoke an offer before acceptance by the offeree. Nevertheless, the offere must inform the offeree of the planned revocation. However the offere may not revoke an offer if has been sheathed in an option. In a unilateral contract, the offere may revoke the offer at any given time. Meeting of the Minds. Meeting of the mind an element in a contract, is sometimes called consensus ad idem, mutual assent or mutual agreement. Meeting of the minds in contract law refers to the intentions of the persons on parties in a contract. It refers to the situation where the parties forming a contract have a common understanding in the particular contract. The reasoning behind the mutual assent is that no person or party is held to an agreement that they are not aware exists. Legal remedies may not come into action where a particular obligation in an agreement is mainly a moral one and not a legal obligation. There can only be a meeting of minds when all parties forming a contract are well aware of the legal obligations. The destruction of mutual assent can occur in the event of fraud, misrepresentation, duress, mutual mistake or undue influence.   Consideration Consideration refers to the legal value pertaining to contracts. Consideration refers to the things of value a party expects from the other in future pledged while forming a contract (Yelpaala 78). The consideration takes the form of services, money, physical objects, abstinence from future actions, physical objects to mention just but a few (Yelpaala 78). A payment is not a consideration if by pre-existing