What is contract law? What are the contract's elements?

 

 

Contract Law: An agreement enforceable by law is a contract. A contract can be made between two or more individuals or parties. In the definition of a contract, there are two main elements.

 

Important Elements of the contract

Important elements of the contract are as follows.

 

• Proposal/ Offer
• Acceptance
• Promise
• Consideration
• Agreement
• Proposal/Offer

 

A proposal is an offer to a person to do an act for a person. A proposal may be written or spoken.

 

 

Acceptance

When a person accepts inspiration, it is known as acceptance. For example, A suggests to B that he purchase his care for $100,000.B accepts A's suggestion and agrees with A about buying his car for $100,000.

 

Promise

Acceptance of an offer is a promise. For example, a notion dispatched by using A and accepted by B is known as a promise. A proposal plus acceptance equals a promise. The man or woman who sends the idea is referred to as the promiser, and the person who accepts the thought is referred to as the promisee.