CONTEMPORARY BUSINESS LAW

Law
Tutor: None Selected Time limit: 1 Day

What are the essential elements necessary to form a valid contract? Provide examples of each. Under what conditions can contractual duties be modified? When does promissory estoppel apply? Provide an example.

Jan 18th, 2015

the essential elements of a valid contract are Offer, Acceptance, intentions of legal consequences and considerations. For example, a quotation by sub contractor to the main contractor of lease to buy a car is an offer of, acceptance of the offer by main contractor is acceptance, legal binding contract is intentions of legal considerations and some valuable advance money or consideration paid by one party is consideration.

A contract can usually be modified at any time, as long as all the parties express their consent to the changes. under following conditions a contract can be modified after signing:

  • Take note of whether any party, including yourself, has already begun performing their contractual duties. For example, if the opposite party has already delivered a product, make sure to take note of the delivery.
  • Consider how the contract modifications might affect such duties that have already been performed.
  • Contract modification after the parties have already signed may require another round of negotiations. Be prepared to present your reasons for the modifications.
  • Be sure the modifications satisfy all contract laws. For example, if the contract must be in writing according to the statute of frauds, then the contract modifications must also be in writing.

    promissory estoppel
    The legal principle that a promise is enforceable by law when the promisor (person making the promise) makes a promise to the promisee (person being promised) who relies on it to his or her detriment. A promissory estoppel is intended to stop the promisor from denying that the statements, words or even conduct did not happen. This is a legal doctrine used in the United States and other legal systems around the world.

Jan 18th, 2015

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Jan 18th, 2015
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Jan 18th, 2015
Dec 5th, 2016
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