Comment on the essential elements of a valid contract and the importance of each.
"A valid contract, in essence, is the agreement between its parties".
Discuss this statement and, using both case law and legal principles, comment on the essential elements of a valid contract and the importance of each.
To a certain extent this statement is true but it is only one element of a valid contract to explain please find following all elements and conditions within a valid contract.
To Contract:
Is to enter into a relationship …
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… each party is prepared to take.
Conclusion
In conclusion, our opening statement "A valid contract, in essence, is the agreement between its parties", is factually true but it hides the idiosyncrasies of law. Yes, we do see it as a 2 plus party agreement, but we also must realize that all of the essential elements, (offer, acceptance, intention, consideration, capacity, legality & meeting of minds ) all have a critical role in the contracts viability.
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