PRESENTATION OUTLINE
CONTRACT
A contract is a written or spoken agreement.
ELEMENTS
A contract contains four essential elements to regard as a contract they are offer, acceptance, intention of legal consequences and consideration.
OFFER
The offer must be defined as, A clearly stated offer to do something. An offer does not include ball park estimates, request, for proposals, expression of interest, or letters of intent. But an offer will say when the time for acceptance expires. If the offer is withdrawn before it is accepted or after a reasonable time in the circumstances (generally the greater the value of the contract, the longer the life of the offer).
ACCEPTANCE
Acceptance is what is offered to accepted. This means the offer must be accepted exactly as offered without conditions. Acceptance can be given verbally, in writing, or inferred by action which clearly indicates acceptances (performance of the contract). It is the acceptance of that offer that brings the negations to an end by establisng the terms and conditions of the contracts
ILC
Intention of legal consequences is a contract that requires the parties intend to enter into a legally binding agreement. And the contract doesn’t have to expressly state that you understand and intend legal consequences to follow. If the parties to a contract decide not to be legally bound, this must be clearly stated in the contract for it not to be legally enforceable
CONSIDERATION
The last element is Consideration is the term in a contract that says one party promise to do something in return for a promise from the other Party to provide a benefit of value (the consideration). Consideration is what each party gives to the other as the agreed price for the others promises. Usually the consideration is the payment of money or to refrain from exercising some right.
