Osei
Contracts are made as agreements between two or more different parties.
The parties can consist of, but are not limited to television networks, athletes,
coaches, teachers, mascots, hot dog vendors, halftime show entertainers,
secretaries, insurance companies, and season ticket holders. Though there are a
number of different groups or individuals represented , the contract sole purpose is
to settle disputes. Some contracts can be as simple as an oral agreement and a
handshake, but if opposing parties have high risk and low trust, written contracts
can serve as a remedy of proof the agreement occurred and safeguard it’s details.
The formation of contracts are an aggregate of five legal concepts of an offer,
acceptance, consideration, legality, and capacity. These concepts are held in the
event some action is in breach of contract can be resolved with facts and legal
precedence.
