The contract is one of the most common legal document we all witness on a day-to-day basis. Whether, you are thinking about starting up your business, buying a new smartphone, or purchasing a home, you are surely going to feel the presence of the contract in these situations. Hence, having basic information about contract law is beneficial.

What is The Actual Definition of The Contract Law?

A contract can be defined as a legal piece of paper that states a written agreement between two or more parties and outlines the promises between them, enforceable by the law. Those who have already acquired homework and assignment help for contract law from an expert may be aware of this definition. Now, any legal contract should contain some primary elements like:

Offer: A contract should contain the “offer” which refers to what one party has promised or refrained from doing some specific transactions, actions and activities to opposite party

Acceptance: Second important element of the contract is the “acceptance”. The acceptance part should accept what is offered without making any changes.

Intent: A contract must explain the main intent of the document or what is the actual intent of both parties to enter into the agreement. In nutshell, both parties should what is the actual intent of entering into the legal document.

Consideration: The existence of the consideration in the contract differentiate it from the gift. In a contract, one party offers value or promise an action, service or non-action to the other party. This promised value can take a form of expenditure of efforts, time and money.

Mutual agreement: As mentioned earlier a document will be approved as a contract if it had a “meeting of minds”. In other words, it means, both parties should come to the mutual agreement mentioned in the contract.

Other Necessary Components of the Contract?

A contract must contain what it is called terms and provisions. As these refers to the details of the overall agreement including what, how much and when. In addition, an individual must have the capacity required to enter into the contract, which includes both maturity and mental ability. Students can hire do assignment for me help to avail more information on the necessary elements of the contract law.

What is the Key Consideration of the Contract?

Contract in writing?

Many people live in a misconception that a contract should be written in details which are not correct. On the general basis, there is no such requirement that a contract should be in writing but as many consider oral agreement as a statute of frauds requires some sort of written proof, people consider to have a contract written on a stamped paper.

There are two main types of contract that should be evidenced in the writing format:

• Firstly; a contract for the purchase or sale of land.
• Secondly; a contract that guarantees.

Termination conditions of the contract

A contract can be terminated in a condition where the offer or decides to formally withdraw the offer he/she has purposed earlier. The general principles define that an offer can be revoked right before it is accepted by the second party. In case if the consideration has been already paid then, the contract can be terminated or revoked. What are the fundamental circumstances where a contract can be terminated? Well, there are some like:

• If a party fail to meet the agreed condition.
• Due to the lapse of time.
• Death of the ones of the contract parties.

Apart from the above, there are four more methods that can be implemented while terminating a contract. Which are:

• Performed termination (This can be done when the contract is finished)
• Breach termination
• Legal termination (Found guilty for violation of rule)
• Mutually agreed termination

Students who are pursuing a degree in contract law can acquire assignment writing help from experts to find more information on all these methods of contract terminations.

Vitiating factors

The vitiating factors refer to the elements of the drawn contract that vitiate it. As terms are the important factor of the formation and the existence of the contract and vitiating them can corrupt the whole agreement between parties. In some cases, vitiate factors are seen as the remedy for the innocent party.

Performance is another factor

In the contract, one party can do everything necessary and legal to make sure the other party get the best out it until or unless the contract is driven by the fixed order. The performance also depends upon the relationship shared by both parties.

After reading the above basis of the contract law, we have come to the conclusion that contract law is a combination of multiple elements which defines its value and performance.