Question

Questions:

1. The requirements for a valid contract are Offer, Acceptance, Consideration, and Capacity.  DEFINE each of these four requirements

2. EXPLAIN each of the four legal detriments of money, goods, services, or the giving up a legal right.  PROVIDE an example of each.

3. SUMMARIZE the four ways in which acceptance is terminated by operation of law.  PROVIDE an example of each.

4. CATEGORIZE the two different types of contract conditions.  What requirement (from question 1), for a valid contract, do conditions affect?

* There is a minimum of three required sources; proper APA citation (in-text and in the reference page) is required as well.

Answer 1

1.

In contract law, an offer is a guarantee in return for execution by another gathering. An offer can be denied or ended under specific conditions. There are likewise times when an offer can be consulted to make a counter-offer.

An offer is an open call to anybody wishing to acknowledge the guarantee of the offeror and by and large, is utilized for items and administrations.

Acceptance happens when an offeree consents to be commonly bound to the terms of the contract by giving consideration, or something of significant worth like cash, to do what needs to be done.

Acceptance of an offer is the outflow of assent to its terms. Acceptance should by and large be made in the way determined by the offer. In the event that no way of acceptance is indicated by the offer, at that point acceptance might be made in a way that is sensible in light of the current situation. An acceptance is just valid, in any case, if the offeree is aware of the offer, the offeree shows an aim to acknowledge, and the acceptance is communicated as an unequivocal and unconditional consent to the terms of the offer.

in the law of contracts, consideration is an advantage which must be anticipated between the gatherings, and is the basic explanation behind a gathering entering into a contract. Consideration must be of esteem (in any event to the gatherings), and is traded for the exhibition or guarantee of execution by the other party (such execution itself is consideration). In a contract, one consideration (thing given) is traded for another consideration.

Capacity in contract law alludes to minors who don't have the capacity to make a contract. In many states, this alludes to the individuals who are younger than 18. A minor who signs a contract can void it or respect the arrangement, however there are a couple of special cases. Minors can't void a contract for things that are viewed as necessities, for example, attire, sustenance, and hotel.