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There are three main elements for the formation of a legally binding contract, intention, agreement and consideration. The requirement that requires discussion here is the existence of an agreement by the parties to enter into a legally binding contract.

1.  Able entered into an oral contract with Baker for the sale of Able 's car for $5,000. Later Baker breached that contract. Able wants to sue to enforce the contract. Under the Statute of Frauds, who is the "party to be charged" in this case?

A contract is a legally obligatory promise or set of promises (Bagley, C. 2013). If this promise is broken, either party involved can be legally responsible and take the other party to court. There are four basic elements in the creation of a valid contract. The first consist of an agreement between the parties involved, by an presented offer and acceptance. The second states that the parties’ promises must be supported by something of worth, known as consideration. The third advises both parties must have the ability to enter into a contract. The fourth element states the contract must have a legal purpose (Bagley, C 2013).

A contract requires four elements to be valid. Essential elements in any contract include the following: agreement, consideration, legal ability, and a legal object (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). The agreement includes the offer made to the other party who then agrees to enter into the contract. The consideration includes the exchange each party receives as a result of the contract. The legal ability is capacity one has to enter into a legal contract. The legal object is the legality of the contracted issue. These elements together create an effective, valid contract.

The offer was made with the intention to create a legal contract that protects all sides of the bargain.

A contract is a legal document that states and clarifies a formal agreement between two different people or groups. This implies that an agreement between parties must have a strong backing by law. The following are therefore required for a contract to be mandatory for all participants involved. These elements in a contract prove whether the contract is regarded credible or not credible: The objective is to build a legal relationship, offer and acceptance, consideration, capacity to contract and legality.

A legal contract arises when there is an offer, acceptance of that offer and also a sufficient consideration to make the contact valid. There are five essential elements that make a contract legal and these includes;

Adult Americans conduct agreements in the form of contracts. The legalities prior to the agreement are typically where we get into trouble and seek advice from friends or family members. What must be fulfilled for a contract to be valid? According to (Patterson) the following is necessary: It must be based on mutual agreement by the parties to do or not to do a specific thing (2013).

Under Common Law, for a contract to exist, three elements must be present: an offer, an acceptance and a consideration. The notions of offer and acceptance under Common Law are not fundamentally different from those in French contract law, although their effects may differ. The offer indicates the willingness of a party to enter into a bargain, and the acceptance reflects the agreement of the other party to the offer.

Contracts can be defined through promises between parties that are enforceable through law. We know that both parties agreed verbally, an oral agreement was made to hold the car for one day with a hundred-dollar deposit and Stan agreed to the terms that the deposit was refundable. Contracts can be in in two form which are written or oral. Based on the elements of contracts, many fundamentals factors are considered mandatory to form a contract that is binding on parties and are primarily outlined through the following:

The four elements of a valid contract are offer and acceptance, meeting of the minds, consideration and competent parties. The contract must cover a legal purpose or objective as well (Binder, 2012). The objective theory of contracts holds that contract formation is dependent on what is communicated, rather than what is thought by one of the parties (Barnes, 2008).

for it to qualify as a proper contract in the eyes of the law: offer

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In order for a contract to be formed, there are various requirements. These are offer, acceptance, consideration, and the intention to create legal relations. A contract may also be terminated.

The first element of a valid contract would have to be the offer. You can’t have an contract with a having something to offer to another partner. An offer is when one party