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Essay / Research Paper 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.
Page Count:
5 pages (~225 words per page)
File: LM1_TLCcntrc.doc
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Unformatted sample text from the term paper:
breaking ground. When Joe approached Bill with a contract for said agreement, Bill laughed and said, "What, you dont think I trust you, Joe?" Trust aside, Joe would
have felt better if Bill had signed the contract. When the deck was nearly three-quarters of the way finished, Joe wife filed for divorce and kicked him out of
the house, at which point he packed up his things and left town. Without a contract, which would have legally bound Joe to completely finish the job upon which
he and Bill had agreed, Bill was left with an incomplete deck. 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 (What
Is a Contract?). 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 entered into just a couple of centuries ago. "...The law has become more interventionist in favour of parties
...