BUSINESS LAW I (BUS 231) contract six ways an offer may be terminated Essay

BUSINESS LAW I (BUS 231) contract six ways an offer may be terminated - Essay Example Although, in some instances, a person under below 18 years may be forced to sign an agreement but this depends on the contract type. First, it should have a subject of an agreement. The subject should indicate the conditions or contract terms made between two people. Therefore, the subject should have a permitted policy or legal matter. Secondly, the agreement should be considerable. Consideration is a valuable element in a contract, and it consists of the legal damage and negotiation. A legal damage is an agreement of refraining from causing damage. The purpose of this element is to ensure that there should be a negotiation rather than making inquiries in case one party is subjected to a loss or not (Keenan and Sarah 56). Thirdly, it should be competent to form an agreement. In this case, competency needs a minimum age and psychological capability of understanding the agreement. For instance, organization can engage in contracts but through actions of the required labor force who are competent in binding the contract. Fourthly, it should have lawful relationship meaning that the purpose of the agreement is to pr oduce legitimate relations. Lastly, the agreement ought to have an offer and be acceptance. This means that the parties involving in the contract should make a bid or tender. Therefore, the tender should be acceptable meaning that it should provide satisfaction and meet the required standards for a reason. In this case, one party makes a tender and another one accept it because sometimes misunderstandings may occur. Therefore, the offer should satisfy both parties and have some evidence connected in conduct manifesting the agreement for both parties involved in the contract. There are varied ways through which an offer may be terminated. First, through revocation whereby the offeror may cancel the agreement before the offeree admits it. This is termed as revocation or invalidation; thus, the offer will be