Contract Have Been Well Established Over the Essay

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contract have been well established over the course of time and have remained constant during that time. Traditionally, contracts have been defined as consisting of an offer and acceptance supported by consideration but there other elements that must accompany these basic elements in order for a contract to be formed and enforceable (Perillo, 2009).

In contractual parlance, an offer is the manifestation of a party to enter into a bargain so that another party develops an understanding that his assent is being invited. Such action is the initial step in the formation of a contract and no other element can be satisfied until an offer is made. The second step in the formation of a contract is the manifestation of the acceptance. Acceptance can be relayed in any manner sufficient to advise the maker of the offer that he assents to the terms of the offer. Any attempt by the accepting party, however, to change the terms of the offer is not an acceptance, but rather, either becomes a rejection or a counteroffer which may or may not be accepted by the original individual making the offer.

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The other traditional element of contract formation is consideration. Consideration is either a benefit to the promisor or a detriment to the promisee. Although ordinarily consideration involves some form of monetary exchange there is no legal requirement that money be involved. Consideration can involve either a right or some form of forebearance by either party.

Beyond the three traditional elements there are several other elements that must be present. The first of these additional elements is that the proposed terms of the contract must be for a legal purpose (Badawi, 2010). Contracts that are attempted to be formed for purposes that are illegal are not binding on the parties.

In order for a contract to be enforceable there must be a meeting of the minds between the parties as to the terms of their agreement. Determining whether there is a meeting of the minds is done through examining the communications between the parties and doing so from an objective point-of-view. Any disagreement between the parties as to whether or not a meeting of the minds has occurred is….....

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