Outcome 2 Assessment
1. Identify and describe the demand elements of a contract.
A valid contract has three main(prenominal) features: there must be an agreement on whole significant objects, there must be a token(prenominal) of two parties involved and there has to be legal obligations. For a contract to be legally binding, there must be an agreement mingled with the parties on all aspects, so if an allege is made, the party must meet the say, however if the offer doesnt satisfy the recipient , then a reverberation offer can be made to the offerer by the offeree. If the counter offer is accepted then this procedure is known as consensus in idem
(agreement with regard to the same thing). There has to be material loss or gain involved if the obligation is to be considered a legal obligation. Contracts ordain always involve, at marginal two parties and usually all parties will have obligations downstairs the contract.
Gambling bets are unenforceable by statute in most jurisdictions, recently all gambling bets fell into this category, that now, under the Gambling Act of 2005, some gambling graphic symbols will be enforced by the courts. An example of this type of this case is Robertson vs Anderson.
This case revolves around two friends, Ms Robertson and Ms Anderson, who attended bingo together; Ms Robertson won over £ lakh and her friend Ms Anderson stated that there was an agreement in advance that any winnings would be divided equally between the two parties. However Ms Robertson was reluctant to share verbalism that her counterpart didnt have a case as gambling contracts were deemed unenforceable. The court decided that there was initially a contract with a legal obligation and the winnings were to be split as the contract initially stated.
2. Explain the edge of a contract formation.
The way a contract is organize is either by writing, verbally or by fill of parties. The Statute Of Frauds indicates that 6 types of contracts have to be written and signed. These are...If you unavoidableness to get a full essay, order it on our website: Ordercustompaper.com
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