Topic of Interest Related to Business Law Essay

Topic of Interest Related to Business Law - Essay ExampleAn agreement, which creates or has the intention to create a legal obligation, is a contract (Bays., 1920).Capacity to go far into a contract is the legal capability to enter into a contract. This means that an adult who is of sound mind open fire enter into a contract. Minors, mentally incapable persons and those who atomic number 18 drunk do not have the capacity to enter into a contract. Law says that when people enter into a contract then they should have the ability to know and understand the terms of a contract (Beatty, & Samuelson, 2006).Offer and acceptance according to law is meeting of the minds or concurrence of wills or ad idem. Normally for a contract to be effective must have an offer and an acceptance of that offer. The merry characteristics of a contract are that a person defecates an offer with another accepting it. Offer and acceptance need not be always expressed orally or in writing, it can be implied a lso. The term of a contract if not expressed in words is an implied contract. If obligations are only forced on one party by virtue of acceptance to perform then such contracts are known as unilateral contracts. This was enunciated in the case of Carlill v. Carbolic Smoke Ball Co. (McKendrick, 2005)Consideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. ... 4. ConsiderationConsideration is the vital idea in the law of contracts and is necessary, in the majority cases, for a contract to be enforceable. Consideration is the price, which one has to pay for the promise of another. Consideration can be in the form of money, property, the doing of an act, or compensate refraining from doing an act and a promise. It means that if one accords to do something he was not otherwise legally compelled to do, then it means that he has given consideration. For instance, Jack agrees to address his car to Jill for $100. Jil ls payment of $100 (or her promise to do so) is the consideration for Jacks promise to give Jill the car (William Theophilus, 1912).Classification of Contracts For the sake of analysis, contracts can be classified in many different ways. The most general classifications of contracts are express and implied contracts void and voidable contracts and enforceable and unenforceable contracts. Express and Implied ContractsIf the terms of a contract are stated clearly, then such contracts are known as Express contracts. Express contracts may be written or oral. For instance when a sensible offer is acknowledged, then it means that an express contract has been created. Implied contracts are generally referred to as implied in fact. If the specifics of the transaction is not directly negotiated but are make know by the behavior of the parties then such contracts are implied. For example making an appointment with a repairman to have a broken slipstream machine fixed is an implied contract (http//law.jrank.org/pages/12504/ Contract-Law.htmlixzz0Uy1JwCUw accessed on October 25, 2009).The expression implied in fact is used to differentiate implicit arrangement from an