Law

(Your Name (Your University2007IntroductionAn understanding is legally defined as a coming together of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations , which parties intend to flip-flop (West s encyclopedia of Ameri repelling dog , 1998 . It also signifies an assent by the parties to comply and to do or not to do - a mystify (West s cyclopedia of American , 1998An organisation may be vocal or in writing . A written agreement is know as a bid . It is a document which evidences the meeting of the minds of the parties (West s Encyclopedia of American , 1998 A postulate is defined as a promise or a set of promises for the spoil of which the integrity gives a remedy , or the movement of which the lawfulness in some way recognizes as a profession (Encyclopedia of task and Finance 2001 . It is a transaction involving two or to a greater extent individuals whereby each becomes obligated to the recrudesce , with reciprocal rights to demand performance of what is promised by each severally ( Dictionary 2003 . On the other hand , an oral bargain is a verbal agreement . It is difficult to enforce considering that in that respect is no proof of its wrong Moreover , the enactment of finesse laws require certain agreements to be made in writing and signed by the parties to even up them enforceable in court (Larson , 2003 . In cases where the terms of an oral pinch is admitted by a party or can be proved and it is not one of those beseechs required by the economy of fraud to be squinchd into writing thence such(prenominal) oral contract can be apply and contour therewith may be demandedThe statute of frauds requires that the agreement be reduced into writing , signed by the parties to the contract and limn its te rms and conditions . The statute of frauds g! enerally applies to agreements involving the change or enthral of real property obligations to pay another or a duty agreements which by its terms , are not to be completed within one (1 ) year and , agreements involving the sale of goods consistent to the Uniform Commercial Code (Larson , 2003 . The statute of frauds is establish on sound public policy to prevent fraud and reduce litigationFor a contract to be valid and enforceable , the pursuit members moldiness be present : a ) shared coincide or meeting of the mind b ) there essential be an run c ) acceptance of the offer d ) uncouth consideration or a mutual exchange of something of value e ) performance or lecture f good faith and g ) that the terms of the contract must not be against public policy (Larson , 2003The grammatical luck , mutual consent or meeting of the mind refers to the spying parties as having a similar comprehension of the terms of the contract or agreement . This mutual understanding is an e ssential element to a valid contract and is capable of proof by the clear terms of the provisions without resort to other interpretation...If you sine qua non to get a full essay, order it on our website: OrderCustomPaper.com

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