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Contract law

Contract law A contract is a legally binding agreement between two parties and satisfies some elements. Agreement is one of the elements of a valid contract and defines willingness and commitment by each of the privity parties to be bound by the contract. For an agreement to exist, there must be an offer by a party to another that the other party accepts. An offer is a statement made by a party over a subject matter and with terms and willingness be legally bound to the statement should the other party accept it. Acceptance exist when a party to whom the offer is made agree to be involved and to be bound by terms of offer. Common law rules exist to governing offer and acceptance and parties to a contract may also provide their rules. The parties to a contract must also have legal contractual capacity that is held for people within minority age unless a person is of unsound mind or intoxicated at the time of contract. In addition, the offeree must provide a valid consideration, a reward in exchange for the offer. evidence of an offer is another elements of a valid contract and is the proof that an offer was made (Walston-Dunham 437- ).
Created contract
J. M. Suppliers ltd. Manager calls Ground Millers’ Procurement manager and infofrms him of J. M.’s intentions to dispose its track at $ 5000. Ground’s manager asks for time, consults with his CEO, and calls J. M . suppliers to inform them of his company’s willingness to purchase the truck within the following week and make payments at the time of aquisition.
Works cited
Walston-Dunham, Beth. Introduction to law. Mason, OH: Cengage Learning, 2011. Print.

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