SCENARIO You are a solicitor working for a firm which provides a series of semin
ID: 347124 • Letter: S
Question
SCENARIO You are a solicitor working for a firm which provides a series of seminars for clients wanting to et up a business for the firsttime. Your task is to produce a written report to be given to each clientattending the seminar, setting outin "user friendy style the principles of law relating to the formation ofa valid contractand their application in business situatons. You have decided to produce the infomaion as a setof questons and answers withan analysis of several case studies to illustrate the legal prnciples 1. Whatis a contact? 2. What are the essential elements for the contract to be legally binding? Briefly describe each of the eements. 3. Explain the importance of the following essential elements: (a) offer and acceptance (b) an intention to createlegal relations (c) consideration and privity of contract (d) legal capacity 4. Explain the significant differences between the following types of contracts and discuss the impact on the parties of those differences: () Standard form contracts, (i Contracts made face to face i Contracts in writing and v) Contracts for distanceseling?Explanation / Answer
1. Contract can be defined as an agreement made by two or more parties that is legally binding and enforceable by law. A contract can be formed by a written letter or verbal promise. For example, a real estate transaction agreement is a typical case of contract between a buyer and a seller.
2. For a contract to be legally binding, the following elements are crucial to be present during the formation of contract.
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