While most people understand that contracts are agreements between two or more parties that outline the terms of personal or professional. Contracts may involve the sale of products, property, or goods, or they may outline the terms of work to be performed. In addition, contracts may be used to guarantee that certain actions will be taken or can protect against the disclosure of important information. When it comes to business, people often use contracts to guarantee that work will be performed, that employment expectations will be met, or that confidentiality and business practices will be upheld. Contracts can also help settle disputes and are a very useful tool for many businesses and can help make sure that transactions run smoothly for all of the parties involved. Hiring Business Attorney In many cases, business owners or managers will consult an experienced business attorney to help outline the terms of a contract and make sure the document will stand up in court if challenged. In order for a contract to be valid, it must contain clear and concise language outlining the terms of the agreement between the two parties, and must be signed by both entities. Essential elements of a contract include: -Mutual consent over the terms and what is being agreed upon -An offer, which usually contains the terms of the agreement -Acceptance of the offer -Mutual consideration -Performance or delivery In order for a contract to be valid, the parties must outline an agreement often including the scope of the work to be performed for breach of contract element, and must agree to the terms contained within. If a dispute arises, the parties may discuss the offer or make a counter-offer until the terms more closely match the needs of both entities. Breach of contract presentation However, there are several factors she has to consider before doing this. First Mary has to find out what kind of misrepresentation this constitutes. There are three types of misrepresentation - innocent, negligent and fraudulent. If it is innocent misrepresentation this would mean that Ben was unaware that his car was indeed older than he claim. In such situation Mary might negotiate some form of amicable compensation for the breach without resorting to a harsher legal action. If the misrepresentation is negligent then this might involve a heavier compensation from Ben. Fraudulent misrepresentation is the most serious in that this might attract both a civil as well as criminal liability. If Mary decides to pursue a legal action against Ben for misrepresentation she has to prove a few things. First is that the statement made by Ben is untrue and intended to induce her into entering a legal relationship. The second is that the statement was supposedly based on facts and not an opinion of the maker of the statement. Another element that breach a contract is mistake. Mistake is a situation where one or both the parties to the contract enter into a legal agreement on some mistaken believe about the subject matter or person or a combination of things. Example Janet from the US called her friend Peter in Australia and told him that she's got an antique piano for sale. She told Peter the price of the piano was $40000. Peter had the mistaken impression that the price quoted was AUD$40000 where in fact what Janet implied was US$40000. A third element that breach a contract is duress. This is where one party forces another to enter into a legal relationship by making some form of physical threat or creating a fear in the other party. The last element is undue influence which is a situation where by one party uses his or her power of influence to mentally psyche a person into entering a contractual relationship. Such contracts are not made by a person own will and gives sufficient grounds for a legal action. A final point that must be mentioned here is that although it is possible to seek legal remedy if any of the above situation existed, the salient point of all contracts is based on the common law concept of caveat emptor. This means ' let the buyer beware'. It also means that the court will not intervene in a contractual transaction just because one party made a bad bargain. For most intends and purposes the parties to a potential contractual relationship should ensure that they take reasonable steps to verify information, terms and condition before binding themselves.
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