ReadingPost-readingFurtherReadingLearningObjectivesPre-readingWhat arethe Required Elements fora Contract?There are five elements that are required for any contract.First, the contract must have alegal purpose and cannot be used for illegal purposes.For example,contracting to commit acrime(likehiringahit-man).Second,there must be a mutual agreement between the parties.This is alsoknownas"themeeting of the minds,"one party must have offered an offerto another party foracceptance.Forexample,a signing of a contract shows thatthere is a mutual agreement amongthe parties andeveryone is onthesamepage.Someoffersmaynothaveanexpirationperiod,if sothentheoffer remains open for a“reasonable”time.Offers can also be revoked until the acceptanceoccurs.Acceptanceusuallymeansagreeingtothetermsoftheofferandifthereisanychangetothe terms inthe acceptance,then it would beconsidered a counteroffer.Statesdiffer onthis anditwouldbeidealtoconsidertheregulationsinyourlocaljurisdiction
Learning Objectives Pre-reading Reading Post-reading Further Reading What are the Required Elements for a Contract? There are five elements that are required for any contract. First, the contract must have a legal purpose and cannot be used for illegal purposes. For example, contracting to commit a crime (like hiring a hit-man). Second, there must be a mutual agreement between the parties. This is also known as “the meeting of the minds,” one party must have offered an offer to another party for acceptance. For example, a signing of a contract shows that there is a mutual agreement among the parties and everyone is on the same page. Some offers may not have an expiration period, if so then the offer remains open for a “reasonable” time. Offers can also be revoked until the acceptance occurs. Acceptance usually means agreeing to the terms of the offer and if there is any change to the terms in the acceptance, then it would be considered a counteroffer. States differ on this and it would be ideal to consider the regulations in your local jurisdiction
ReadingPost-readingFurtherReadingLearningObjectivesPre-reading美Third, consideration is key in order for the contract to be valid.Considerationis when both parties agree to provide something of value in exchange for abenefit.Consideration can be something like a car, money, or even manual labor.Ithastobesomethingofactual value.Thereisalsoadistinctdifferencebetweengifts and promises.For example,if someone giftedyou a handbag it is notconsidered a contract or even if they promised to give you a handbag and theydid not, there is still no contract. However, a contract exists when the handbag isbeingexchangedforcompletingataskpromisedtoyoubyafriend.Like,if youclean my gutters then I will buy you a handbag
Learning Objectives Pre-reading Reading Post-reading Further Reading Third, consideration is key in order for the contract to be valid. Consideration is when both parties agree to provide something of value in exchange for a benefit. Consideration can be something like a car, money, or even manual labor. It has to be something of actual value. There is also a distinct difference between gifts and promises. For example, if someone gifted you a handbag it is not considered a contract or even if they promised to give you a handbag and they did not, there is still no contract. However, a contract exists when the handbag is being exchanged for completing a task promised to you by a friend. Like, if you clean my gutters then I will buy you a handbag
ReadingPost-readingFurtherReadingLearningObjectivesPre-reading损害weakenor damagesomething (especially?humanfacultyorfunction)Fourth,thepartiesmustbelegally competent.Minors andmentallyimpairedcannot validly contract. Additionally,the party must be of a sound mind whilecontracting and without the influence of drugs or alcohol.Lastly, all parties must come to an agreement based on their own will.Contracts will be void if there is a mistake,duress or fraud by one or moreparties.胁迫强迫threatsor forcethatare used tomake sb do sth
Learning Objectives Pre-reading Reading Post-reading Further Reading Fourth, the parties must be legally competent. Minors and mentally cannot validly contract. Additionally, the party must be of a sound mind while contracting and without the influence of drugs or alcohol. Lastly, all parties must come to an agreement based on their own will. Contracts will be void if there is a mistake, or fraud by one or more parties. impaired duress 损害 weaken or damage something (especially a human faculty or function) 胁迫；强迫threats or force that are used to make sb do sth