On the Essence of Contractual Relations

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Table of Contents

Introduction
Elements
Conclusion
Bibliography
Footnotes

Introduction

A contract is always intended to formalize agreements between parties about particular subjects of interest. Consequently, contracts cover a broad range of issues that can include the sale of services or goods as is in the case of Ben and Tark, intellectual property ownership, terms of employment, or dispute settlement.

Elements

For any contract to be enforceable, it must involve mutual consent. This implies that the parties need to establish mutual understanding and accept what the contract should cover. In this case, mutual consent and understanding existed between Tark and Ben and it is no wonder the sports car was sold for 100 dollars in the first place. Theirs, therefore, was a contract. It is Ben himself who offered to have the car sold at one hundred dollars and Tark thought of it as a good offer accepted it. Consequently, the contract became instantly enforceable and binding. According to contract law, therefore, Ben does not have valid grounds to withdraw his offer.

Additionally in a contract, the buyer’s acceptance of an offer is very important in ensuring the contract becomes valid and thus binding¹. Tark’s acceptance of Ben’s offer thus automatically qualified their agreement and dealings as binding. The agreement was furthermore qualified as a binding contract since there was an exchange of something valuable (in this case, hundred dollars). The consequences or effects of bad negotiation can thus not be avoided by Ben; this means that he must not try to revoke the contract after the realization that the sports car cost a lot more than he thought.

Conclusion

In conclusion, withdrawing the offer would be equivalent to a breach of contract which is essentially punishable by law. Ben must thus by all means honor the contract. Even if the contract was merely oral (implying that there was no drafting of a written document) the elements discussed are still applicable. The contract between the two parties was thus valid with sufficient consideration and Ben has no legal ground to withdraw his offer.

Bibliography

Beale, Hugh. Contract law. London: Hart Publishing, 2002.

Footnotes

Hugh Beale.Contract law. (London: Hart Publishing, 2002), 15-18.

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On the Essence of Contractual Relations

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