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tract in simpler means a promise or a set of promise made by a person to another and in this case a court is involved. Two parties are always involved; the promissory and the promissee. In every business transaction contracts are crucial and they can either be made verbally, exchanging letters or even e-mails. Sometimes, the contract can be written down usually to avoid uncertainty, ambiguity and to be binding. (Kenneth,2007)
Four elements of a valid contract are:
1.Agreement
2.Lawful object
3.Consideration
4.Contractual capacity
Lawful object- this means that the contract which both party are signing must be legal. Illegal contracts are considered void.
Consideration- For an offer and acceptance to form a contract there must be consideration or the contract must be signed under seal. Consideration is defined as 'some right and it should be of real value. A benefit or profit occurs to the promissor or some forbearance, detriment, loss or otherwise responsibility suffered by the promissee. What this means is that the party trying to enforce the contract must have 'paid' something in exchange for the promise of the other party.
Contractual capacity- a contract can be void,voidable or illegal. Void contracts are deemed at law as one which has never existed. Voidable contract on the other hand exists until it is repudiated by one of the parties while an illegal contract is one which is made for an illegal purpose and it is always void.
Agreement- both parties that are under contract must agree to terms of valid contract.
Objective theory of contracts
For a contract to exist, both sides must have given some consideration on the subject. They must have considered a crucial principal called mutuality of obligations which means that both sides have to be committed to giving up something or doing something. However, if either party reserves an unqualified right to bail out, that persons promise is considered as illusion or no promise at all. Based on the rule of consideration, a promise is to give someone a gift.
Consideration is any act or transfer of value that may induce a party to enter into a contract. It is usually bargained for benefit or advantage or for detriment or disadvantage. It has to be new obligation and this is when someone promises to do what he/she has obligated to do and has not suffered any detriment or bestowed anything the other party was not entitled to. (Roger,1993)
There are three basic components of a contract which are; consideration, offer and the acceptance. To meet legal criteria of a contract the following elements should be present:
1.An offer must be made by offerer to offeree.
2.Consideration must be exchanged.
3.Both parties must be in mutual agreement.
4.The contracts purpose must meet legal requirements.
5.Both parties must have capacity to enter the contract.
A consideration is a two way street and there is a concept of reliance where a contract may be formed if one party relies on the others promise. In this case, the offerer does more than he/she expects to receive. Depending on the situation, a contract can obligate someone if he/she wants to call the deal off before giving or receiving anything from the other party. Sometimes consideration is not legal and this is merely a promise. This does not normally form a contractual relationship and in some cases, the court can only enforce certain contracts only if they are in writing and they are signed by the party which is going to be obligated to fulfill them. In this case between Seattle man and Pepsi for Harrier it was just a mere statement that was not legally binding and that is why the man lost the case, the Pepsi Co had only promised to reward anyone with Harrier and he had not personally signed a contract with anyone in particular.(Richard,2008)
Advertisements are not considered as offers. This is because in contract doctrine, an offeror must direct his/her offer at an identifiable offeree. The offeree is usually
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