A contract can be referred to as a spoken or a written agreement between two people especially concerning tenancy, sales or any other form of employment that mainly intends being enforced by the law.
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The Four Elements of a Contract
The four elements of contracts are such as the offer, acceptance of the offer, intention of the legal consequences and consideration of the possible consequences. When one wants to get into either a spoken or written agreement concerning employment or just any business deal, the act is referred to as signing a contract. One of the first things to consider when signing a contract is the existence of that contract and for this to ensured, there are important elements that should always be considered for the contract to take place. The most essential elements for a contract to be agreed upon are usually an offer and acceptance (Philip, 2010).
Offer and Acceptance
An offer is the expression of being willing to agree on certain terms and conditions that have been made by the offeror since when it has been accepted then the person who has accepted it is bound by the contract. Acceptance is also a very important element of a contract and this is referred to as the unconditional and absolute agreement to all the set out terms in the offer. This can either be in the form of writing or it can be oral and it has to reflect the original offer that was made. A counter-offer is also another element of a good contract and this is mainly the act of accepting the terms of the contract.
Intention of Legal Consequences and Consideration of the Agreement
The other element of a contract is the intention of legal consequences of the contract and this is very important because it does not entail agreeing on all the terms and conditions in the contract. Consideration is the fourth element of a good contract and this means that both parties have to participate in the agreement either through making promises of what they would do or through writing something. Advertisements should not be considered as an offer because it mainly focuses on selling a product of a given company. The court does not allow any claims of a contract when it does not have all the important elements such as offer and acceptance of the agreement among other elements. It also differs a lot from a reward situation due to lack of the essential elements and that there was no requested act in the agreement (Philip, 2010).
Finally, Contracts have to be made in relation to a given law and these laws should be made accessible to the public and it should be without charge. An objective theory of contracts states that it should not be an agreement with a subjective meeting that is intense to the mind. This means that the contract should have some legal significance to the acts put across and the agreement. This theory is very relevant to this case because it had subjective meeting which is very important for the contract.