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Business Law Week 3

In: Business and Management

Submitted By yurry10
Words 1156
Pages 5
Business Law
Professor, John Becker
May 17 2012

There are two elements of a contract, which are (1) an agreement; (2) legal obligation. To constitute a contract there must be an agreement. An agreement is composed of two elements, offer and acceptance. The party making the offer is known as the offeror, the party to whom the offer is made is known as the offeree. Thus, there are essentially to be two parties to an agreement. They both must be thinking of the same thing in the same sense. In other words, there must be consensus-ad-idem. All agreements are contracts if they are made by free consent of parties, competent to contract, for a lawful consideration and with a lawful object and are not hereby expressly declared to be void. Furthermore a contract is a legally enforceable promise or undertaking that something will or will not occur.
There should be an intention on the part of the parties to the Law of Contracts agreement to create a legal relationship which may have elements in writing, though contracts can be made orally. A breach of contract occurs when a party who has signed a contract fails to live up to his responsibilities as specified in the contract. There is a range of legal remedies for breach of contract. For example, a person may be entitled to monetary compensation in the event that the other party fails to live up to the terms of the contract. A contract may also be canceled because of a breach or changed to include the terms the parties’ desire. In some cases, a judge may even order either party to live up to the terms of the contract.
The remedies for breach of contract cases may depend on the jurisdiction in which a contract is valid. In many cases, a party who is dealing with a breach of contract may sue the other party on court. In such a case, a judge may decide to rule in either party's favor and apply the remedies applicable based…...

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