{"id":69,"date":"2024-07-25T08:48:00","date_gmt":"2024-07-25T07:48:00","guid":{"rendered":""},"modified":"2025-06-30T12:49:28","modified_gmt":"2025-06-30T11:49:28","slug":"elements-of-a-contract","status":"publish","type":"post","link":"https:\/\/www.thetrainingplace.org\/blog\/2024\/07\/elements-of-a-contract\/","title":{"rendered":"Elements of a Contract"},"content":{"rendered":"

WHAT ARE THE ELEMENTS OF A CONTRACT?<\/span><\/p>\n

For a contract to be established, the following have to be existing:<\/span><\/p>\n

\u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/span><\/span>Offer and acceptance (an agreement)<\/span><\/span><\/p>\n

\u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/span><\/span>Consideration<\/span><\/span><\/p>\n

\u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/span><\/span>Intention to create legal relations<\/span><\/span><\/p>\n

\u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/span><\/span>Capacity<\/span><\/span><\/p>\n

OFFER:<\/b><\/span><\/div>\n
A definite expression of willingness to be held accountable on specified
\nterms without any further changes to the agreed terms, which can be written or verbal.<\/span><\/span><\/div>\n
ACCEPTANCE:<\/b><\/span><\/span><\/div>\n
Consent to the specified terms without varying the offeror\u2019s terms,
\nwhich can be written or verbal and must be absolute and made while the offer can still be executed.<\/span><\/span><\/div>\n
CONSIDERATION:<\/b><\/span><\/span><\/div>\n
Something of value which is given or promised to be done in exchange for the action of the other party to the contract and must be sufficient but
\ndoesn\u2019t have to be adequate. It must not be made after the other party may have carried out the agreed action, i.e. it must not be past consideration.<\/span><\/span><\/div>\n
INTENTION TO CREATE LEGAL RELATIONS:<\/b><\/span><\/div>\n
Mutual understanding by both parties to a contract that they intend the agreement to be legally binding and enforceable.<\/span><\/div>\n
CAPACITY:<\/b><\/span><\/div>\n
Both parties to the contract are competent people who have the ability
\nto carry out the required tasks or actions to fulfill the contract being entered into and are not under any undue duress.<\/span><\/div>\n

Note:<\/span><\/b><\/p>\n

A seller or a buy can make an offer and a
\ncounter-offer. <\/span><\/span><\/p>\n\n\n

AAT Level 1 & 2 | The Training Place<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WHAT ARE THE ELEMENTS OF A CONTRACT? For a contract to be established, the following have to be existing: \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Offer and acceptance (an agreement) \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Consideration \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Intention to create legal relations \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capacity OFFER: A definite expression of willingness to be held accountable on specified terms without any further changes to the agreed … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,21,27],"tags":[],"class_list":["post-69","post","type-post","status-publish","format-standard","hentry","category-aat","category-level-2","category-the-business-environment"],"yoast_head":"\nElements of a Contract - The Training Place Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thetrainingplace.org\/blog\/2024\/07\/elements-of-a-contract\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elements of a Contract - The Training Place Blog\" \/>\n<meta property=\"og:description\" content=\"WHAT ARE THE ELEMENTS OF A CONTRACT? For a contract to be established, the following have to be existing: \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Offer and acceptance (an agreement) \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Consideration \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Intention to create legal relations \u00b7 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capacity OFFER: A definite expression of willingness to be held accountable on specified terms without any further changes to the agreed ... 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