Explain The Essential Elements Of A contract
This report is dedicated to state the elements of a valid contract and their vital character from business point of view. Later new breed of contract that is contract by parties without being physically present before each other. Further again the vitals of contract are dealt with by given situations. Moreover, the principles of negligence, tort are focused with instances. Lastly, the concept of vicarious liability is discussed with situations. The report is dedicated to allow the readers to understand easily the concepts dealt with.
Law of contracts pave way for a stable business where parties allow themselves to be bound by the conditions framed by them. However, this livergae is subject to principles of law and for the same certain essentials are needed.
Further, there must be at least two parties.
Individual rendering consent under influence of drugs or drink are does not possess legal capacity. (Taylor v Provan , 1864)
Illegal and void contracts