Contract Law

A contract is basically a document which has a set of legal rules regarding an agreement agreed by two or more parties. Sir F. Pollock explains it as “A promise or set of promises which the law will enforce” this is the basic essence of a contract which has been used for centuries.
As we entered the new millennium there has been an increase of the number of businesses. Including the rise of the internet and the growing popularity of internet shopping, we need to much more about contract law. Knowledge of contract law is vital for the protection of customers and the businesses from misunderstanding. The are some key elements which have to be present within a contract for it to valid in law the elements which it must include is offer, counter offer (if required) acceptance , consideration . Without these key points a contract cannot be verified by law and becomes hard to prove or even void.
In order for a contract to be created there are some traditional but also vital elements it must contain in order for it to stand in law. These key elements contain the initial offer from one party to another this is simply the suggestion of the transaction. This is followed up with the counter offer in which some terms of the contract are changed, this does not have to be accepted. Once the parties which are involved with the contract come to a final agreement, acceptance of the contract is the next step. This is when the parties come to a mutual agreement with each other. We will now look at these elements is greater detail firstly offer, G.H.Treitel defines an offer as “ expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed”.
A binding agreement is considered to be a contract whether this is written or verbally between 2 or more parties this is bound by law. The parties which have made the agreement must be competent this makes the contract binding. In...