The Basic Elements of Contract Law

Paper Summary:

The paper explains that contract law has been developed as part of common law and is used to define the necessary parts of the contract and analyze risk in the contract situation. The paper looks at the requirements of a valid and legally binding contract and lists the various types of contracts. The paper also presents an example of an individual making an offer to acquire a property. The paper then looks at the function of communicating and reporting as part of the process of management and risk. Finally, the paper discusses the reasonable person test that can be included as a clause in a contract to help decide potential disputes.

From the Paper:

"There are certain elements required of a valid and legally binding contract. A contract is an agreement that involves an offer made and accepted. It is an agreement that is voluntarily created by persons with the capacity to contract. The objectives of the agreement must be legal, and usually the agreement must be supported by some consideration, or a bargained-for exchange of legal value. The law also requires written evidence of the existence of some agreements before they can be enforced, but there are other types of contract that may be valid without a written agreement."

Sample of Sources Used:

• Glazer, A.S. & Jaenicke, H.R. (2002). Pathology of the Independence Standards Board's Conceptual Framework Project. Accounting Horizons, Volume 16, Issue 4. Retrieved July 31, 2007 from http://www.questia.com/PM.qst?a=o&d=5002509593.
• Taking the Con Out of Outsourcing Contracts (1998, February 11). The Robert Frances Group. Retrieved July 31, 2007 from http://www.rfgonline.com/subsforum/archive/daily/020998/021198nt.html.
• Warner, R., Serkes, I., & Devine, G. (1990). How to Buy a House in California. Berkeley, California: Nolo Press.

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