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Thread: The Six Elements to a Contract

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    Save Sderot JaredR's Avatar
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    The Six Elements to a Contract

    Call me blind or dumb, but I have two text books in front of me, and I see three elemnts only to a contract:

    - Legally binding intention.
    - Agreement.
    - Consideration.

    Would someone please care to enlighten me?

    Thanks,

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    Hates the waiting game... goan_crazy's Avatar
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    Re: The Six Elements to a Contract

    Hey Jared hope those 3 elements are the basic 3 elements for a simple contract. There are really 6.
    Essential Elements of a simple contract [With these present, an apparent contract is said to exist]
    1. Intention to create legal relations 2. Agreement 3. Consideration
    1. Intention – the parties must intend that their promises create legally enforceable obligations
    2. Agreement – An offer by one party and an acceptance by another
    3. Consideration – Something of value passing from one party to another in return for a promise to do something, unless the agreement is made under seal, in which case consideration is not necessary

    Essential elements to be satisfied to determine validity: If the following elements are satisfied, then the apparent simple contract that was created above is valid.
    4. Legal Capacity – the parties must be legally capable of entering into a contractual relationship
    5. Consent – the contract must be a genuine expression of the intentions of the parties
    6. Legality of objects– the objects or the purpose of the contract must be legal
    7. Form – The form the contract needs to be in. E.g. any statutory requirements which must be satisfied
    Legality of objects/form can go together
    they are your 6 essential elements
    B Business/ Bachelor of Laws 4th year- University of Technology, Sydney.

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    Save Sderot JaredR's Avatar
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    Re: The Six Elements to a Contract

    Thanks for the rapid response to my question. The information was great, and it is what had me stumped for a little while but back on track now...

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    Hates the waiting game... goan_crazy's Avatar
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    Re: The Six Elements to a Contract

    No problem Jarred
    I did this again in business law and ethics at uni anyway last semester!
    Glad it helped
    B Business/ Bachelor of Laws 4th year- University of Technology, Sydney.

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