Describe an example of a contract that you or someone you know entered into (for

Question

Describe an example of a contract that you or someone you know entered into (for example, rental agreement, cell phone agreement, property purchase or leasecar, home, furniture, etc.; home or car repair, student loan agreement). In your description, be sure to provide specific contractual details including parties and subject matter involved. You must also address the following:

Describe the five essential elements of an enforceable contract, and give an example of each element from the selected contract.

Explain whether or not the contract was fulfilled. If not, discuss at least one available breach remedy.

Explanation / Answer

The most common aggrement everyone seem to enter is Student loan aggrement.

In this aggrement the repayment would start only after the course is finished

Contract is void if student is dropped out and he needs to pay the repayment right away

These loans are generally low intrest loans with long repayment years

The EMI payment of loan would have to be payed ontime or it will attract penalty

.

Remedy: Student drops out of college

Reason: In this particular contract or contracts of this nature there is always a clause and insurance amount is collected before even the contract is signed. This insures the banker againist default.

Reason for dropout: Student was travelling on a bicycle from his home and got hit by a big truck. He died on the spot.

In this case the banker has no other option but to claim insurance, No other person other than him is responsible to pay this loan back so after his death there is no other choice but to claim insurance on such loans.

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