RUNNING HEAD: CONTRACT REFLECTION PAPER
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Centenary University
Business Law BUS 3010
Contract Reflection Paper
CONTRACT REFLECTION PAPER 2
A contract is an agreement between two or more persons, individuals, corporations,
partnerships, limited liability companies or government agencies to do, or to refrain from doing,
a particular thing in exchange for something of value. This agreement creates a legal relationship
of rights and duties on the parties and if these obligations in the agreement are not fulfilled then
harsh action could be taken by the courts to whomever is involved.
The law will consider a contract to be valid if the agreement contains all of the following
elements; offer and acceptance, an intention between the parties to create binding relations,
consideration to be paid for the promise made, legal capacity of the parties to act, genuine
consent of the parties; and legality of the agreement. (lawhandbook.com)
An agreement that lacks one or more of the elements listed above is not a valid contract.
There are three key elements for the conception of a contract. These are offer, acceptance,
