The Four necessary variables for Contract Law
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What are the four elements necessary to form a contract? What is the effect of legal capacity on any of the three elements? How might a deficiency in legal capacity, related to contract formation, be corrected?
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Solution Summary
This solution discusses the necessary elements for Contract Law including the four main components responsible for establishing a valid contract. Competent parties, legal justification or purpose, and acceptance and offer, as well as consideration are briefly described with an explanation given for the consequences of a contract not possessing legal capacity on any of the four elements and how this can be potentially rectified.
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The four main elements that are necessary when forming a contract are competent parties, legal justification or purpose, and acceptance and offer, as well as consideration. If the contract is deficient in legal ...
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