contract law

Running Head : Law of Contract

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The question of whether a valid contract exists or does not exist between Ms . Connor and Mr . Turner can only be provided by a deep evaluation . Since a contract is an agreement made between two or more parties that is legally binding , every valid contract calls for specific fundamental requirements for its institution . However , this contract is not valid since it is insufficient of specific contractual requirements between the parties

Conventionally , any contract should posses various aspects

for its formation . They include :- Offer and acceptance the law of contract requires that every contract should prescribe to an offer by one person which should be accepted by the other . This is the basic feature in contracts where the meeting of the minds of the parties is provided This feature provides the objectivity in the contractual relationship between the parties

Intention should be to form legal agreements . Unless the legitimacy of a contract is bound by the essence of the legal clause , the contract is not binding . The legal feature in contractual relationships provides a basic ground with which the contract in enforceable by the law HYPERLINK "http /www .expertlaw .com /library /business /contract_law .html http /www .expertlaw .com /library /business /contract_law .html

Nevertheless , the formality of a legal contract should be in writing However , the law provides oral contracts as legally binding to some extent in been binding as the written agreements . Conventionally however , it prescribes that contracts that relate to real estates and those which involve huge amounts of money be put down in writing HYPERLINK "http /www .expertlaw .com /library /business /contract_law .html http /www .expertlaw .com /library /business /contract_law .html

Additionally , a valid contracts call for certainty and completeness for its enforceability . The terms that are described in the contract should be certain and complete in the legal autonomy . Unless these features are fulfilled , a contract is therefore not valid

What defects in the contract formation process may have occurred

The contract between Mr . Turner and Ms . Connor had some legal defects which made it not legally binding . At one level , the contract should have been made between them and Rebecca as the third party . This is because of her position in handling financial matters for Connor However , her withdrawal after five minutes meant that her absence provided no legitimacy for the contractual relationship to be legally binding . Secondly , the conventional law requires that contracts relating to real estates and huge sums of money be brought down in writing . The formality in writing in real estate contracts which are taken to take long periods can only be legitimized through formalities in written forms . Nevertheless , a valid contract in one formed between parties of sound contractual relationships . This discredits the young children and persons of unsound mind in making valid contracts . In the presence of Mr . Turner , Connor was taking medication Zyprexa implying that she had some mental illness . Consequently , the law of contract discredited her in going...