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Essentials of a Valid Contract Essay Example

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Essentials of a Valid Contract

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Essentials of a Valid Contract. A contract must fulfill the following conditions in order to be considered as valid.The primary requirement for a person to enter into a contract, whether it is verbal or written is when a person offers to indulge in some kind of activity with the other person. The agreement becomes only valid when the both the parties mutually agree on the terms and conditions of a particular activity which is to be performed. (Arnold & William 2010, 120)Another important part of a legal contract is the consideration which one party offers to give to the other in exchange for the activity or the activities which are to be executed as a part of the agreement. The consideration can be in monetary terms or can be an exchange of goods or services.

Consideration primarily depends on the terms and conditions which are agreed by both the parties in the first step. (Arnold & William 2010, 121)Another requirement for a contract to be considered valid is that, the parties concerned should be of sound mind and should be eligible for making legal contracts as per the law of the land. Contracts made between underage parties are considered invalid. The contract should also be formal in nature; informal agreements like an invitation to a party cannot be termed as a valid contract. (Arnold & William 2010, 121)All the contracts which are made between the parties should be formulated according to the law of the land. If a contract is against the law, then the contract cannot be considered legal, even if both the parties agree on the terms and conditions of the agreement.Another requirement of a valid contract is that the concerned parties should agree on the terms and conditions of the contract independently. There should be no external pressure on any parties in respect to the terms of the contract. If the contract is made under influence then the contract is considered invalid.The conditions which are agreed between the concerned parties should be clear and should not lead to some kind of uncertainty or vagueness. Vague or improper contracts are considered void and cannot be taken to the judicial court in case of a dispute. ( Arnold & William,. Essentials of a Valid Contract.

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Work Cited

Arnold J. Goldman, William D. Sigismond (2010). Business Law: Principles and Practices. 8ed. ed. Mason,Ohio: Cengage Learning.

Christian Campbell (ed). (2007). Legal Aspects of Doing Business in North America. 2007: Yorkhill Law Publishing.

Donald L. Carper, John A. McKinsey, Bill W. West (2007). Understanding the Law. 5th. ed. Mason, Ohio: Thomson Higher Edication.

Robert W. Emerson (2009). Business Law. 5th. ed. New York: Barrons Educational Series.

Roger LeRoy Miller, Frank B. Cross, Gaylord A. Jentz (2010). Essentials of the Legal Environment. 3rd. ed. Mason, Ohio: Cengage Learning.

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preview essay on Essentials of a Valid Contract
  • Pages: 3 (750 words)
  • Document Type: Assignment
  • Subject: Law
  • Level: High School
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