Contract Law Essay Example | Topics and Well Written Essays - 1750 words

Contract Law - Essay ExampleIn equity, injunctions may be administered or sometimes exact stupefy performance. Both solutions offer the party that has incurred losses an upper hand in terms of the bargaining benefits or in other words expectation alter that may be of higher value as compared to just reliance damages with regard to promissory estoppels. Generally, one may define a bargain in nonprofessionals language as a promise or responsibility that is legally enforceable to oversee the occurrence or no occurrence of something. However, a convey may not be equalized to a legal promise especially when the agreement larks consideration. Several elements validate a contract as stated below (Richard, 2007). Elements of a contract 1. An offer This is the willingness expressed by the offering party, on a given set of terms, with a precedent that in any case the other party accepts that offer a contract will bind him or her. It is optional in that it may be written, or it can be ora lly done. 2. Acceptance This is the willingness expressed by a party, to absolutely and unconditionally, accepts all the terms that have been set out in the offer. It can either be done orally or written, and the approval must be a reflection of the initial offer that was made. 3. Consideration A consideration is a valuable offering exchanged between the promisee and the promissor with a reciprocal as an assurance. An act or a payment may be regarded as the valuable thing also an act of forbearance is acceptable. 4. Mutual assent Mutual assent is normally achieved by offer and acceptance low common law, in that, here an unqualified party and that accept an offer causes no variance to the terms of the offer. A counter-offer A counter-offer cannot be equalized to an acceptance. It extinguishes the initial offer. In this case, one is not eligible to accept the initial offer after making a counter-offer. However, asking for more information or clarification may not be regarded as a cou nter-offer and thus does not render the offer extinguished but the party is still eligible to accept if it so desires. Max-Eco Ltd case study In this project, I will assess Max-Eco Ltd, which has been involved in a business deal with diddlysquats company to append timber according to Freds set standards. Fred is the director of Max-Eco Ltd. However, after six months, Fred discovers that Jack was not acting the standards set in their previous deal and feels give care the other party had breached the contract they set together. According to the agreement, Jack was supposed to supply Max-Eco Ltd with timber only from the U.K and that they must be treated with only plant-based varnish. Instead, Jack decided to treat the timber, which sometimes he ordered from South America due to its unavailability in the U.K, with chemical-based varnish. Now Fred wants compensation from Jack for failing to meet the set standards. Contract terms Prior to making a contract agreement, often variety of statements are made by either party with an direct of enticing or encouraging the partnering party to sign into the contract. The two parties are required to agree as to which of the made statements qualifies to be a part or a term of that particular contract agreement. At the same time, they must identify which statements should be considered as not a part or a term that make up the contract and should be regarded as just pre-contract talks. Therefore, terms server a pivotal role in the establishment of a contract as they bind the