Contract Risk and Opportunities Free Essay, Term Paper and Book Report
A contract is an arrangement that is adhered to by a court of law or parity. According to the Restatement (Second) of Contracts, a contract is an undertaking or set of agreements for the infringement of which the law gives a solution or the presentation of which the law somehow becomes familiar with an obligation. Contracts must contain four basic elements to be enforceable (Cheeseman, year?). An enforceable contract must include an agreement between the parties, which includes a proposal by the offeror and an agreement of the offer by the offeree. It also must be sustained by a bargained-for consideration that is lawfully adequate. The factions must have a contractual capacity for the contracts to be enforceable against them. The purpose of the contract must be legal (Cheeseman). Because contracts are legally binding, they must be clearly defined and examined before signing. Any contract that includes any ambiguous language can be very costly to all parties involved.
A court's goal in a case containing the interpretation of a contract is to determine what the parties anticipated......
Word Count: 1225
Page Count: 4.9 (250 words a page / double spaced)
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