However, before embarking upon the case under-analysis, and giving legal advice to Bruce in the light of the statutes of Contract Law, it would be appropriate to define contract, and its provisions related to the case under-examination. Contract: Contract has been defined as an agreement enforceable at law. 4 Consequently, an agreement that has been made with the explicit and/or implicit terms of developing legal relationship between the parties in the wake of entering into the agreement is called a contract. In the case under-analysis, the legal contract has been entered into between Bruce and Matilda’s Home Garden. Essentials of a valid contract: A legal contract enforceable at law contains the following essential elements: a.
Two or more persons or parties to the contract b. There must be some agreement between the parties c. The agreement must be enforceable at Law. d. There should be some lawful consideration. e. The consideration should be adequate and as per the terms determined in the contract. f. The parties should have intention of developing legal relationship. Hence, consideration embodies ideals of reciprocity, quid pro quo and thereby fairness. 5 In the under-analysis case, the contract had been entered into between Bruce and Matilda’s Home Garden Ltd, which appears to be fulfilling all the essentials of a valid contract. Agreement: Agreement has been defined in these words: Every promise or every set of promises forming the consideration for each other. 6 Hence, agreement consists of promises or set of promises with the establishing of some explicit consideration to be observed on the part of the parties to the contract.
Consequently, consideration serves to be an essential element of a valid contract as per the statutes of Law. Types of Agreements: The agreements are divided into two major categories, which include social agreements and legal agreements.
Social agreements could be stated to be the ones that serve as the promises between two or more persons or parties, in which no legal bindings or intentions of suing each other at the court of law in case of breaching are anticipated. Hence, these agreements are social in nature, which could be made between the friends, spouses and other persons and are socially binding the individuals, and thus do not create any legal obligations or requisites altogether.
Hence, these agreements do not enjoy the status of a legal contract. For instance, A and B have promised to join each other in the morning walk in some park or ground; and in case, any of the two does not reaches the place decided for the same, no legal remedies could be sought, because of the promise’s being social in nature.
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