Contract Law Research Paper Example | Topics and Well Written Essays - 1000 words

Contract Law - Research Paper ExampleThe court substantiates the value of a break up thereby punishing the offending party depending on the specific breach. A shrink has various components created consistently with the view to protecting the interests of both parties as the discussion below shows.According to the contract law in the country, a contract consists of three specific elements. The three are an offer, payance and the competent person. An offer refers to the offer by an individual who requires a particular service of a product. Such a person, known as the offeror approaches another who can undertake the duties with the offer. The offeree demands the terms of the request before deciding either to accept or to decline. As stated earlier, entry into a contract is normally voluntary (Bainbridge, 2012). The process of analyzing the national of the offer is known as consideration. Additionally, consideration refers to a valuable substance the two parties exchange in the tra nsaction. Both parties must offer something of value such as money, servive or a product to formalize the agreement.The offeree considers the details of the offer and often engages the offeror in a revision exercise in company to make the terms friendly to both parties. Acceptance therefore refers to the admission by the offeree to undertake the tasks as proposed by the offer. This way, both the offeror and the offeree become legally bound to the contract and must therefore advert their obligations as stated in the contract. The two parties constitute the competent persons described preceding(prenominal).The three elements described above require effective evidence, which often occur in writing. However, two parties can enter a contract verbally by expressing their interests in working with each other. Intention is an equally important feature to consider especially in verbal agreements. Just as the name suggests, intention refers to the probable reasons for behaving in a