Various Aspects Of Contract

Task 1

1.1 Explaining The Importance Of Essential Elements Of Contract

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

Offer And Acceptance

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

Intention To Get Entry Into Legal Relationship

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

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