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You will prepare and submit a term paper on Legally Binding Contract. Your paper should be a minimum of 1500 words in length.
You will prepare and submit a term paper on Legally Binding Contract. Your paper should be a minimum of 1500 words in length. These are first, the consensus in idem, and second, the intention of the parties to enter into legal relations. The courts accord considerable significance to these elements. Essentially, the courts are seized with the intention of the parties to enter into a legal relationship. In some cases, the parties used this to prove that they were not in a contract, even though there was consensus2.
The consensus in idem implies a meeting of minds. For a contract to exist the offer should be exactly matched by the acceptance. Thus, the parties must be in agreement, regarding all the important features of the contract. As long as there are areas of disagreements between the parties, there is no contract, and the extant state is purely one of negotiation3. This was clearly spelled out in the decision in Harvey v Facey4.
The facet of intention must be present in the formation of a contract. It is the determining factor for the validity of the contract and indicates the moment when the contract is formed. Intention binds the parties to the contract. Thus, invoking the element of intention is very useful in determining the existence of a legally binding agreement between the parties. The intention to form a contract establishes an enforceable contract, irrespective of whether there had been a complete consensus among the parties5.
In this problem, Jim had enquired of Triumph Trophies, for a quotation regarding the manufacture of a silver trophy. The latter offered to manufacture the trophy for a sum of £300, and that it would take four weeks. This constitutes an offer from Triumph Trophies to Jim.
After 6 weeks, Jim communicated to Triumph Trophies that he was agreeable to Jim’s offer. However, as a considerable time had elapsed and the commodity in question was subject to significant price fluctuations, Jim’s acceptance will be deemed to be delayed acceptance.
