Discuss the four components of a valid contract and apply them to a contract with a...
Discuss the four components of a valid contract and apply them to a contract with a vendor to purchase a new CT scanner. What would you include in the contract? How would you be sure it would be valid?
Homework Answers
Answer: The major components of valid contract are:
- Mutual agreement
- Legal purpose
- Consideration
- Capacity.
These can be applied as there should be legal agreement between vendor and person purchasing the CT scanner. The buyer should provide valid documents for the legal purpose to prove the need of the scanner.
In the contract it should be mentioned regarding any kind of misuse should not be performed, the equipment works properly and is genuine. This should be signed by both the people that is buyer and seller to assure the validity of the contract.
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