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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
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Experience:  Experienced in Corps, LLCs, Partnership, etc.
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What elements are necessary to form a contract What is the

Customer Question

What elements are necessary to form a contract? What is the affect of legal capacity on any of the elements? What is its affect on enforceability of the contract? How might a deficiency in legal capacity, related to contract formation, be corrected?
Submitted: 4 years ago.
Category: Business Law
Expert:  Thomas McJD replied 4 years ago.
elements necessary of 1) offer, 2) acceptance and 3) consideration.

If a person is not legally competent to enter into a transaction, then the agreement is generally not enfoceable. To avoid any problems, you could reffirm the contract when the person regained full capacity or you could reaffirm with someone with power to act on the principal's behalf.
Expert:  Thomas McJD replied 4 years ago.
If my answer was helpful, an accept for my time would be very much appreciated. Thank you.
Customer: replied 4 years ago.

I'm not sure about your answered. In my reading I found the elements necessary to form a contract and it was four. and you only have three. I have agreement, consideration, contractual capacity, and lawful object. So, let me continur looking at my reading/book for the class and just see before I accapt your answer.

 

Thanks for your help

Expert:  Thomas McJD replied 4 years ago.
Those are the three main or key elements. There are other things involved but only sub-elements or legall assumed information. For example, when a person makes an offer or accepts an offer, it is assumed that the person is legally competent to enter into a contract. Ther person arguing that the contract is unenforceable because of incapactiy bares the burden of proving incapactiy.

An agreement is not an element of the contract, it is the cotract.

Lawful object is also not an element of the contract, it is assumed that the agreement is legally valid. Only later, will a contract be declared unlawful and unenforceable by reason that the object is not lawful.
Customer: replied 4 years ago.

Thank you for your responses. However, after reading the chapter again; I found what I was looking for and just went ahead and used my answer.

 

Thank you.

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