What Is A Contract?
Number of pages:
5
ABSTRACT:
5 pages in length. A contract is a legally binding
agreement; however, in order for it to be legally binding, five specific elements must be addressed: making an offer; accepting the offer; certainty of subject matter; intention to create legally binding obligations; and consideration. Types of contracts include multilateral, bilateral and unilateral. In this day and age of frivolous lawsuits even when contracts existed between and among involved parties, one has to wonder how contracts can be considered as binding agreements. Legally binding contracts date back to the nineteenth century when it was determined that two or more people who enter into an agreement automatically render that agreement as obligatory by virtue of the voluntary nature of that agreement. Known as the will theory, its transformation into contemporary society has lost a great deal of strength that once existed solely between and among the involved parties; today, contract laws have taken away
much of the total freedom that inherently came with
contracts centuries ago. Bibliography lists 4 sources.
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