Elements of a Contract Research Paper Example | Topics and Well Written Essays - 1000 words

Elements of a Contract - Research Paper Example These include: an offer, acceptance, contractual capacity, consideration, formalities, illegality/legality, intention, terms of a contract, vitiating elements, misrepresentation, discharge of a contract and remedies for the breach of a contract. Elements of a Contract To enter into a contract, one party makes an unequivocal manifestation of his/her intentions to contract with another. An offer refers to the intent to contract. The part making an offer is called the offeror while the party to which the offer is made is called an offeree. An offer can be in a written form, verbal or merely implied through the parties conduct. Therefore an offer is an expression, a promise or an act committed by an individual from whom the law is able to construe his intentions to contract with another part as long the other part agrees to perform their duties in the contract. In this case, the Fabulous Hotels made the offer. The offeree accepted to the terms and conditions of the offeror and signed the contract which made the contract legally binding. Acceptance of an offer is the external demonstration of assent by the offeree (DiMatteo, 1998). When an offer is agreed upon the contract comes into existence. This occurs when the two parties consent and agree to perform their duties as defined by the contract. However, for an agreement to constitute a contract, it must be supported by a legal consideration. This refers to the rights, benefits, interest or profit, loss or forbearance, or a responsibility that one of the parties suffers or the other party undertakes. It also refers to anything that has value attached to it according to the law, moving from the plaintiff. Individuals getting into a contract must have the capacity to contract. Capacity to contract refers to the legal right a person has to enter into a legally binding agreement. There are varying contractual capacities that are allowed by the law depending on the age, the mental state and the influence of drugs on the person. The head chef and the fabulous hotels managers had the contractual capacity since they were adults. According to DiMatteo, (1998), for every contract to be valid the purpose for which it is meant to accomplish must be valid. An agreement to do something unlawful does not constitute a contract. The contract was also legal since the business involved is a legal business. Therefore the contract was binding. Enforcement Fabulous hotel and the head chef entered into a contract of restraint in trade. For the contract to be enforceable, the employee must have accepted the restraint. The restraint must also have been for the beneficial purposes of the restraining party and the whole public. The restraint is also enforceable if it is reasonable to both the hotel and the head chef. Therefore, the contract is enforceable because the offer was made by the offeror (fabulous hotel) and was accepted b the offeree (head chef). The contract was also signed by the two parties. The contract wa s also entered for the legal purpose. Therefore, any breach of the contract by the head chef would result to a legal consideration. The employee would be required to pay for any damages caused to the hotel. This is because the contract was signed by the two parties with an intention. The contract also involved various terms and the breach of these terms by either part would result to repudiation of the contract or form the basis for the hotel to sue the chef. However, the chef should have entered into the contract