WEEK 4 Assignment

Running head : Unilateral Contracts

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CONTRACTS

Validity of a Contract , the Offerer and the Accepting Party

Contracts are agreements between two or more parties , to do something to the other or not . Contracts are mostly based on sale of goods and provision of services . Contracts can be between an organisation and an individual as well . According to contract law , contracts can be in two forms which are , the written form or the oral form . Oral contracts are those contracts formed when agreements are

spoken while written are those agreements that parties come to and sign a form to verify that there was a contract between the two or more parties . Contract law has various specifications for a contract to be considered valid . According to contract law , there are elements that classify a contract as valid or not . A contract is enforceable if there is a mutual agreement between the parties involved in the contract , so that there is an offerer and an offeree , if there is sufficient consideration from both parties , that is , if both parties consider the terms and conditions of the contract to be acceptable and not one party favored , if it is legally accepted based on the type of the contract and the various requirements for each type of contract , if the formalities of a contract are followed and if a party is qualified as having the capacity to form a contract (Slawson 1996 . In this case , there is a contract between the dot TV and Lim The offerer is dotTV and the offeree is Lim . The two parties have an agreement where dotTV offers a domain name for 1 ,010 .00 and Lim accepts the offer and the conditions to pay the required amount . This type of agreement is regarded a contract on the acceptance by the other party in need of the offer . Lim accepted the offer , agreed with the terms and gave the money to get the domain name in return . In this situation , there is legal proof that there is a contract between Lim and dotTV since dotTV advertised the offer and Lim responded by performing the basic requirements as indicated by the offering party . Both parties have equal considerations to the contract . DotTv has the capacity to form contracts as well as Lim . Contract law has various types of contracts , and agreements are considered contracts under specified conditions and formalities . Lim and dotTV have a contract between them considered valid since Lim has accepted and transferred the money to dotTV which qualifies the agreement as stated earlier as a unilateral contract . DotTV has no choice but to accept the agreement

Type of Contract

In Unilateral contracts , only the offerer makes the promise and the party to accept this offer is just to fulfill the offerer 's requirements , and a contract is formed . It is usually done through advertising the offer to the public so that just an interested party forms a contract with the advertiser (Emerson , R . W...