Concepts and Standards of Contract Law Paper

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Part 1The first feature is an offer. This could be conceptualized as a proposal made to a person or entity and could be inclusive of the details of the said engagement – i.e. the terms and conditions. The second feature is acceptance. This could be conceptualized as a declaration by the party embracing the offer that he or she is not averse to being bound by the terms highlighted. An offeree can either accept or reject the offer, i.e. depending on its terms and conditions. Acceptance may be done through email, verbal communication, or through mail. The third characteristic is consideration. Consideration is defined as the ‘item’ of value in the entire engagement, i.e. a property, product, or a service to be exchanged for money. The other feature is capacity. Capacity refers to the capability of an individual to enter into a contract. For instance, one may not enter into a contract with an insane person or a child below the age of the majority. The other characteristic is legality.

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Both parties need to show legal intent or purpose. The other feature is mutual consent. This has got to do with the parties’ free-willed intention to enter into an arrangement of this nature. Lastly, we have writing – in which case some engagements of this nature ought to be put in writing, i.e. under the Statute of Frauds.Part 2I am in favor of promissory estoppel and quasi-contracts. For instance, when it comes to promissory estoppel, Turner (2013) points out that “a party may recover on the basis of a promise made when the party's reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the promise” (p. 76). This comes in handy as a crucial tool in attempts to avoid an injustice – i.e. by averting a scenario whereby strict adherence to contract rules is likely to trigger results that are unfair. On the other hand, a quasi-contract….....

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