Contract And Its Essentials

Contract And Its Essentials

What is a Contract
A contract is basically an agreement between two consenting and capable parties wherein the parties intend to be binding at law setting out the promises and responsibilities of each party to the contract. The contract can be in writing or verbal. A written contract is preferred because proof of its terms can be established by looking at its terms. Some contracts in some legal jurisdictions must be in writing and will be of no effect if not in writing. For example, in many jurisdictions, to transfer ownership of land, requires a written deed, failing which land cannot be transferred or sold to the purchaser. While oral contracts might be valid, in case of any disagreement as to the terms, there is great difficulty in establishing the terms where only the recollections and interpretations of each party are the only evidence absent any witness or written proof. In order for a contract to exist, the following essential elements must be present: Intention to create legal relations, agreement (offer and acceptance), and consideration. The absence of an essential element will render the contract void, voidable or unenforceable.

Legal Intent
An agreement is not enforceable unless the parties intended it to be

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