Download Tort Law And Criminal Law And Contract Law Book in PDF, Epub and Kindle
What are the essential characterists of a contract agreement?To constitute a legal contract, an agreement must have all of the following 5 characteristics: They may include as below: A contract must have a legal purpose to be enforceable. For example, Johnny hires Paul to kill Peter. Johny drafts an agreement outlining Paul's responsibilities, namely to acquire a gun and shoot Peter in the head. The agreement also specifies the amount Johnny will pay Paul once Peter is dead. A contract of murder for hire is illegal. If Paul fails to fulfill his obligations under the agreement, Johnny will have no consideration or payment responsibity against Paul. The agreement Johnny has drafted is unenforceable. A contract must have Mutual Agreement. All parties to the contract must have reached a "meeting of the minds." That is, one party must have extended an offer to which the other parties have agreed. For example, Johnny signs a contract with Peter Tree Trimming. The contract outlines the scope of the work Peter will perform on Johnny's property. Johnny and Peter have a mutual agreement regarding the work that will be done.A contract must have Consideration. Each party to the contract must agree to give up something of value in exchange for a benefit.For example, you hire an independent contractor to repave your driveway. You and the independent contractor sign an agreement in which you promise to pay a sum of money in exchange for the paving work. Both you and the contractor have agreed to give up something of value. You have agreed to pay money, and the contractor has agreed to perform the paving work. A contact must have Competent Parties. The parties to a contract must be competent. That is, they must be of sound mind, of legal age, and without sign by drugs or alcohol influence. If you enter into a contract with a minor or an insane person, the contract will not be enforced.A contract must have Genuine Assent. All parties must engage in the agreement freely. A contract may not be enforced if mistakes have been made by one or more parties. Likewise, a contract may be voided if one party has committed fraud or exerted undue influence over another. For example, you sign a contract in which you agree to sell your house to your next-door neighbor for one million. When you signed the contract, your neighbor was pointing a gun at your head. Clearly, you made the agreement under duress, so the contract is not valid, because you sign your house selling agreement from your nexr door neighbor's force behavior.