Various Aspects Of Contract

Task 1

1.1 Explaining The Importance Of Essential Elements Of Contract

Contract is a legally binding between parties. However, with an aim to formulate a valid contract, respective parties will have to satisfy different essential elements of a contract. Thus, a detailed explanation of the same is depicted below:

Offer And Acceptance

It is the first element of a contract or it can also be said that it is the initiation phase of a contract. Here, any contract starts with the offer which is being given by one party to another. Here, the offer that the party gives must be clear and definite (Akintoye, Renukappa, and Lal, 2012). This is because, if the given thing is found absent, then in this situation, the offer given by the party will not be considered to be appropriate. However, there are certain circumstances when the offer will lapse. These circumstances could be a time when parties to the contract will have to accept the contract or it will expire. In addition to this, an offer being made by one party needs to be accepted by the other party. This is because; if this does not happen then in this situation, a valid contract cannot be formed.

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Intention To Get Entry Into Legal Relationship

This second element of a valid contract depicts that parties must have the intention to enter into a contractual relationship. Thus, the given intention of the party depicts that they are ready to fulfill all the terms and conditions of the

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