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Business Law - Al Ain University of Science and Technology

Prepare a report about contract

Contract

Introduction

The primary purpose of the report is to demonstrate regarding the contract, which is a legally binding and formal agreement. It is seen that some procedures are required for making a valid contract, and this will be discussed throughout this context. In addition, the paper will also reveal the contract law and different types of contract that are present throughout the world. Moreover, the report will demonstrate regarding the method of contracting as well as the termination of the offers that should be related to the contract agreement. A proper explanation has been provided regarding the topic so that the reader can understand the original context of the study.

Contract

A contract is considered as a legally binding, deliberate and voluntary agreement between two or more number of competent parties. Contracts are generally written the agreement, but sometimes it may be implied or spoken, and it usually occurs for sale or lease, employment and tenancy (Suprapto et al., 2016). For maintaining a contract, both the party has to be legally bound with each other to perform their specified responsibilities and duties in terms of delivering the services and products. Some elements must have present while making any contract such as offer letter, consideration and acceptance agreement, intent, capacity and the legally enforceable conditions and terms(Carr, Logozzo and Payer, 2016).

Requirements for a valid contract

The requirement of a valid contract are as follows:

Offer -The offer of a contract is considered as the content that the party agrees to either to follow it or not by signing the agreement. It clearly states the expectation of both parties who are going to make a contract(Zhang, Donohue and Cui, 2015).

Acceptance- It is the process of agreeing on the offer from the other parties. It is a voluntary process, which means the person who signs the contract must follow the legal rules written in the agreement(Minot, 2018).

Consideration- For making a contract successful, one party must have to pay some amounts to complete the contract. Payment is the considerable part of a contract where one party have to pay a higher amount than the other(Zhang, Donohue and Cui, 2015).

Legal intent- It is the legally bounding aspect that has to be followed by both the parties who have agreed to sign the contract.

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Contract law

Contract law is considered as the law that enforces, governs and interprets agreement related to the exchange of services, goods, money and properties. It is considered as the centre of several business dealings, and when both parties agreed to sign the contract, then they have to follow these laws because unfollowing it can cause them serious problems in their business(Imrie, 2016). Besides this, it governs the legality of the agreements when some exchange prospects have been taking place. By following the contract law, an only verbal agreement is made that possess legally enforceable aspects in accordance with the contract.

Classification of contract
The broad divisions of the contract are classified into five different types, and they are as follows:
• Time performance contract
• Method of contract formation
• Method of contract formalities
• Parties of contract
• Method of contract legality

Time performance contract
The method has divided the contract into two types:
• Executed contract- An executed contract is a contract where two parties have made their performed contract under the share of obligation (Imrie, 2016)
• Executory contract- In this contract, some portion has not to be done by two parties in their agreement. Thus it is also known as unperformed and partly executed contract (Kruglyakov, Geraskin and Kuvshinov, 2016)

Method of contract formation
Based on the method of contract formation, there are three types of contract, and they are as follows:
• Express contract- This type of contract is formed when the two parties become agreed on the criteria at the time of formation of the agreement (Goldberger, 2018). It is an express promise contract where the offer of any promise is made in words
• Quasi-contract- This contract is created by law when both parties have no intention to make a contract. The agreement is made based on the operation of law(Allen et al., 2015)
• Implied contract- In this contract, the proposal is made other than words. These contracts are inferred from the circumstances of the conduct and case of the parties
Method of contract formalities
There are two types of contract based on this method of contract formalities, and they are as follows:
• Formal contract- It is a legally enforceable agreement that made by incorporating a standardized condition and provision in the body. A prescribed format is used for making this contract (Allen et al., 2015)
• Informal contract- This contract is considered as the intent of formal contract where both parties make the agreement without having any seal of government witness and agency (Goldberger, 2018)
Parties of contract
Two types of parties of the contract are present, and they are provided below:
• Bilateral contract- This is a contract where the obligations of two parties that make an agreement become pended at the period of forming the contract
• Unilateral contract- In this contract only one party has the permission to fulfil the obligation at the timeframe of forming the agreement and other party fulfil their obligation at the period of the contract or before it comes into reality (Huang and Lan, 2016)
Method of contract legality
Based on this method of the legal contract, there are five types of contract, and they are provided below:
• Void contract- It is a contract that cannot be enforced by any party. It is a formal agreement which is effectively unenforceable and illegitimate from the moment when it is created(Savelyev, 2017)
• Voidable contract- It is a contract that appears to be valid, and in this contract, all the necessary elements are present which can make the agreement enforceable
• Valid contract- It is an expressed and written agreement between both parties, which is legally bounded by promise. It is a standard contract form where one party sets the situation, and other parties negotiate on the condition(Huang and Lan, 2016)
• Illegal agreement- It is a contract that made for an illegal reason, and it consequently obeys the laws. If the engagement and performance activity is illegal, then this type of contract is made by them
• Unenforceable agreement- This contract, which is not enforced by court laws, is defined as the unenforceable agreement. This contract is made when one party unfairly took benefits over the other party

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Method of contracting

In this section, the contracting methods, along with the contract type, are described. It is seen that the acquisition of R&D provide a specification which is necessary for bidding and following that negotiation is made. In addition, it is the responsibility of the contracting officer to select the appropriate contract necessary for that situation. The contract type should be chosen after obtaining a suggestion from the technical personnel(Huang and Lan, 2016). However, most of the country government prefer to use fixed-price arrangements in the contracting procedure so that they easily extend the objectives, goals, cost estimates and specification.

The contract type is chosen based on the work. However, in the fixed-price contracting method, some difficulties have been arises in estimating the cost with accuracy and due to the lack of precise specifications. It can only be considered when the use of performance and cost incentives is practicable and desirable in relation to the preference. It is seen that the fixed price agreement is useful for resolving potential problems, developing system design concepts and reducing the risks of government(Savelyev, 2017). Due to this reason in today's environment, most of the cost-reimbursement contracts are changed to fixed-price contracts so that the parties do not face any problems relating to their agreement.

Termination of the offers

According to the contract law, termination is the contract where the agreement or offer is terminated before the other side possesses the opportunity to reject or accept it. The termination of the offer approach is not similar to the contract termination because, in case of termination of an offer, the agreement is not fully formed(Harper, Molenaar and Cannon, 2016). It generally ends with the power of the offeror that made the agreement. It only to be terminated when the offeror does not accept it properly. It is generated in a contract due to the operation of law as well as the party's action.

An offer can be terminated by three ways- one is by the offeror, other due to the intervening conditions and the last one is by the offeree. Rejection takes place when the offeree demonstrate their interactions, but it is not fulfilled by the offeror(Mazumdar, 2018). In such a situation, the offeree cancels the contract and terminate the agreement made in between them. Termination of the offer is also generated due to the lapse of the time frame. Offeree provides a reasonable time frame to learn the offer, but when the time frame is over, then the offer is automatically terminated.

Conclusion

The paper concludes that contract is a legal and professional document which is used for agreeing two or more than two parties. Several features are required for making an appropriate contract. The contract is classified into various types, and it based on the working prospects of the parties. It is analyzed that for making a contract between two parties, some methods have to follow by the parties so that they can improve their performance goals as well as objectives and reduce the legal risks of contract. In addition, the paper has also demonstrated that termination of the offer is also a contract type which is legally useful for rejecting an agreement.

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