It takes a lot of work to understand everything in the field of law. It is considered very important from you to understand it and operate by it. Law is the backbone of every government. Nothing can operate in order if the word Law is not present.  This is why it’s important for you to have at least basic knowledge of this great agenda. Theory of contract law is something that you should and must be aware of at all times. Most people wait for the last minute before they rush to find out about these things.

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When you are faced with a question concerning a contract, the first thing that you need to do is to first of all determine whether a contract exists in the first place. There are some elements that have to be present in order for us to declare that a contract does indeed exist and that it is legally binding on both parties. Without any one of these elements it will be impossible for one party to argue that a contract exists and to have the courts of law enforcing such an agreement.

The first thing that has to happen for there to be a contract is for an offer to be made by one party. An offer is where one party expresses a willingness to enter into a contract within specified terms that the person to whom the offer is being made has laid down. The person to whom the offer is being made is called the offeree and if he or she accepts the offer it will be binding upon them.

Acceptance is the second thing that has to happen for us to say that a contract is being entered into. Acceptance means that we as making an expression of an absolute and an unconditional agreement to the terms that have been spelt out in such an offer. When the offeror is making an acceptance it must be a mirror image of the earlier original offer that was made.

However, if the offeree makes a counter offer, it will negate the earlier offer. This means that you cannot make a counter offer and then purport to accept the first offer. Request for information cannot be seen as a counter offer. If you ask for clarification about the original offer it will not negate it. You are still free to accept the offer.

Another aspect of a legally binding contract is consideration. It means that something of value has to move from each party to the other. For instance, I may promise to give someone my watch, but in return that person does not promise me anything. This is not a legally binding contract and that person cannot go to court to enforce my earlier promise.

In simple terms, consideration is a price that one pays by acting on the promise of another person. Four maxims have to apply for there to be consideration. It must move from the person to whom the promise is being made, but it must not necessarily move to the person making the promise. Past consideration cannot be deemed as a good consideration. In addition the consideration being given has to be sufficient, but it does not have to be adequate.

Intention to create legal relations is another element of a binding contract. In general, any social arrangement is not presumed to be legally binding, while a commercial arrangement is presumed to intend to lead to a binding contract. However, we can rebut these presumptions in a court of law by producing contrary evidence.