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School Person

Essay by   •  March 21, 2013  •  Essay  •  1,068 Words (5 Pages)  •  1,351 Views

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According to lawhandbook.org, any contract, whether it be one of verbal origin or written origin has most of the same characteristics. They consist of mutual assent, agreement, exchange and Non-violation of public law. The main points of a contract are enforced in a court of law. For the most part, contracts are written so that there is legal documentation which will support someone's case if they must take a violation of the contract to court or appear in front of a judge or even an attorney.

The first component is mutual assent which is where one party makes an offer to another for a service or possibly a product that may satisfy the breach of contract. According to cnbc.com, the meaning sometimes is known as the meeting of the minds. The petition is made by one of the opposing clients and can either be accepted or opposed and is the basis of any contract, so as to see if it can be lawfully bound. Mutual consent is usually done between both clients or parties so that they can see if a solution is possible.

The second component of a contract would be the agreement portion. This part is almost always thought of as the offer and/or acceptance part. This is the expression of willingness part because it is the intention that the offer shall become binding if the offer is accepted by either party in the argument. Again, the offer can be for a product or service and can be satisfied and joined with the mutual assent part of the contract.

The third component of a contract would be called the exchange. It happens between both parties of the contract. The exchange is a very important part of the contract process. Each part is definitely important and has its own piece in the contract. Each party has to make every attempt to settle his grievance before the judge will hear the impending case in a court of law.

The final component of any contract is the non-violation of public law. When every portion of a contract negotiation is present and all laws such as local, state and federal are in place then it is able to be enforced in a court of law. The consideration can be financial, services, material goods, or anything else that is a benefit or detriment to either party. This is what differentiates a contract from a promise. Entities entering a contract must be careful to ensure that there is a perceived equitable or reasonable value exchange occurring. If a party promises to provide something without the expectation of receiving anything in return, that promise does not constitute an enforceable contract. Additionally, there may be situations where it may appear something of value has been exchanged, when in actuality it hasn't. For example, if someone engages you to create a website for them and offers to pay you "what you are worth", even if it is based on fair market values, the phrase "what you are worth" is so vague that it will constitute an illusory promise or a promise that is hard to define from the phrase.

The example that I am using would be a contract that joins two business partners into a partnership. The pages in the contract contain information such as the business name, the owners, the date that the contract will become legally binding,

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