Contract and element to a contract!

[PICKFORD]

We human beings live in a society, we must interact with each other and in the course of interactions we make promises and other agreements. for example two friends may agree to meet at a particular place if one fails to turn up at the agreed venue and time the other who turned up will sure not be happy, another instance is when two persons may enter into an agreement such that one May agree to deliver 700 bag of cement to the other on an agreed date for an agreed price and now if person A fails to supply the cement to person B, person B will sure be unhappy and aggrieved he might as a result not be able to meet the terms or condition he had agreed with those who made the building agreement it. The long therefore must be interested in recognising and enforcing these promises and agreements in which the parties intend to create legal relations that is the intention to have the transaction to be binded in a legal sense. By definition a contract is an agreement between two or more parties which the law recognises as binding and may enforce. Also it is an understanding between at least two gatherings which the law perceives as restricting and may implement. Before a contract could exist there are certain elements that should be considered one of it is agreement, for a contract to exist there must be an agreement between the two parties in which one has to offer the contract at the other must accept the terms of contract. Another element that need to be considered as consideration.
Consideration is known as the price for which the promise of the offering party is bought, that is the person offering the contract must issue some sort of consideration to the other party accepting it, finally capacity of the parties,this simply means that the both parties must be or have full legal capacity before entering into a contract this also means that the parties should be of required age, be of sound mind. etc

 

[Deleted member 28127]

We could have a margin of toleration means if a worker is delivering 70 % of work during the day it could be something acceptable against what employers think to deliver full work or be fired then they could lose good elements.

 

[Mataracy]

The elements of contracts as you have mention are :
(1) Agreement: There will be no contract without a concrete agreement between the two party.

(2) Before one will agree to take up a contract then there should be a consideration whether the business will profitable or not before any consideration of whether to take the contract.
(3) Acceptance: There must be an acceptance between the party whether yo take up the contract or not concerning the price.


All these must be considered before taking up any contract.