Est1 Task 1

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Task 1.1

Explain the importance of the essential elements required for the formation of a valid contract

The law of contract is about the enforcement of promises. To enforce a set of promises, or an agreement, courts look for the presence of certain elements. When these elements are present a court will find that the agreement is a contract. Promises without the elements are not enforceable.

The essential elements of a binding agreement, and the constituent elements of the classical model of contract are:
-Offer
-Acceptance
-Consideration
-Capacity
-Intention to create legal relations and
-There must be no vitiating factors present

Offer

An offer is a guarantee to be bound on specific terms and it must be qualified of acceptance. The …show more content…
In the case of tender, the person who invites the tender is simply making an invitation to treat.

Postal acceptance rule
Communication by post gives rise to special practical difficulties. An offer is posted. The offeree receives the offer and posts her acceptance. The letter of acceptance will take several days to arrive. At what point is the acceptance good? If one waits until the offeror receives the letter, how will the offeree know when this is? The offeree has known from the time she posted the letter that she has accepted the offer. There is also the occasional problem of the letter that never arrives at its destination. The ‘postal acceptance rule’, that is, that acceptance is complete when posted. This puts the risk of delay and loss on the offeror.

Offer, Acceptance and the classical model of …show more content…
A contract can be made on the basis of an exchange of promises as to future action. Such a contract is known as an executor contract.

-Executed consideration
In the case of unilateral contracts, where the offeror promises something in return for the offeree’s doing something, the promise only become enforceable when the offeree has actually performed the required act. If a offers a reward for the return of a lost watch, the reward only becomes enforceable once it has been found and returned.

-Past consideration
This category does not actually count as valid consideration, that is, it is insufficient to make any agreement, which is based on it a binding contract. Normally consideration is provided either at the time of the creation of a contract or at a later date. In the case of past consideration, however, the action is performed before the promise for which it is supposed to be the consideration. Such action is not sufficient to support a promise, as consideration cannot consist of any action already wholly performed before the promise was made. The consideration must be given because of or in return for the other’s
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