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mba assignment smu 2012 solved for Q 1. Describe the four basic elements of a contract


Answer:
The four basic elements of a contract are:
a) Valid contracts:
– Agreements which are completely binding and enforceable
– Parties to valid contracts gain rights and responsibilities
– The courts will make sure that the parties follow these rights and responsibilities if there is an argument

b) Void contracts:
– In fact, these are not contracts at all
– They have no legal effect
– Things which can make a contract void are mistakes, illegality
– You cannot enforce a void contract
c) Voidable contract:
– This type of contract is valid unless one of the parties has it set aside (i.e. declared void)
d) Unenforceable contract:
– This type of contract is legal, but it cannot be enforced in court for some reason e.g. a time limit for enforcing the contract might have expired.

For an agreement to become a contract, it must contain three basic elements:
• Offer and acceptance
• Consideration
• Intention to create legal relations
The existence of a contract has the following factual elements:
1. An offer
2. An acceptance of that offer which results in a meeting of minds
3. A promise to perform
4. A value consideration (which can be a promise or payment in some form
5. A time or event when performance must be made (meet commitments)
6. Terms and conditions for performance; including fulfilling promises
7. Performance

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