BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Above are the six essential elements of a valid contract. You should note, however, that the classic doctrine of contract formation has been modified by developments in the law of estoppel, misleading conduct, misrepresentation, unjust enrichment, and power of acceptance.

Detailed explanation-2: -Generally, where it is proven that an agreement was made, the agreement will be deemed as a legally binding contract if the six elements to a contract are present. The six elements are Offer, Acceptance, Consideration, Intention, Capacity, and Legality.

Detailed explanation-3: -The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

Detailed explanation-4: -A contract is a legal agreement between two or more parties in which they agree to each other’s rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.

Detailed explanation-5: -But for an agreement to be legally valid and enforceable, several elements must be fulfilled: Legality, Capacity, Offer, Consideration, Intention, Certainty, and Acceptance. When all elements are met, simple informal agreements become legally binding contracts.