Contracts and What They Mean

Contracts And What They Mean

By: Martez Copeland

American Intercontinental University

Abstract

This paper is based on certain contract. The contract is based on for elements they are; agreement, consideration, contractual capacity, legal purpose. Agreement means to consent with all parties there can’t be a contract. The terms of a contract must be decided between the two. Most parties have to be made very clear to one another to go on any further with the contract. Consideration means to give up rights or privilege. Contractual capacity means legal to enter in to contract. Once a person who’s old enough, and the age past 18 are considered a legal convicts. Legal purpose means a contract must have this to be valid for example, wagering or gambling contracts and thus not enforceable. All these must be in a contract in order to be valid. If any of these elements are misunderstood in the contract you should ask more questions and fully read the contract before signing the contract. If you try and file a lawsuit against someone and they have contract saying you agreed to go through with the plans, you do not have the right to file a lawsuit because they have a contract or something written on paper with your signature. Always watch what you do with someone and a contract make sure you read very carefully, because if you don’t you will be very upset with the outcome.

A contract is basically agreeing and making a promise to performing a certain action. There are four elements to make a contract valid they are as followed; agreement, consideration, contractual capacity, lawful object. Without these elements there is no such thing as a contract. “The legal purpose of the must be established. A contract cannot be forced unless the actions agreed upon are legal in the jurisdiction where the contract is made.”(Godchild, Harring, and Milosevic, 2005.)

The existence of a contract is base by the case. If all these elements applied for the case this shouldn’t have...