The different elements of a contract

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Mission Statement: Our mission is to take a genuine interest in our clients, understand their objectives, and meet or exceed their expectations. Keyz Law Firm is a business consulting firm within Jamaica. This firm was founded by Tauna-Shay Palmer and Jon-Ross Kelly in 1997. This establishment is located in New Kingston. The location is very good for business because there are a lot of small business within that area. Keyz Law Firm is a firm which was developed to help small businesses with their problems and to help them to develop effective plans to meet their goals. This firm targets small businesses because research shows that they face more struggles in their day to day business operations than large businesses. Cake It Away Mission Statement: to provide a product of the greatest possiblevalue to our customers, thereby gaining and holding their respect and loyalty while achieving sufficient profit to finance our company and its growth. Cake It Away is a well-established cake shop that is located in Half-Way-Tree downstairs the Transport Centre. This business is a sole proprietorship owned by Andrew Tai and has been operating for six (6) years. A wide variety of specialty cakes are offered at premium prices. Cake It Away specializes in visually creative and attractive cakes. An option for custom made cakes is also available as well as delivery services as a means of giving consumers exactly what they want. This business targets events such as birthday parties, weddings and bachelorette parties. Service is available 24 hours each day. However, the owner of Cake It Away has limited business law knowledge and is not sure of the different steps he can take when he is faced with different contractual situations/ Objectives

  • To explain the importance of the elements required for the formation of a valid contract.
  • To discuss the impact of different types of contracts.
  • To evaluate the effect of different terms in given contracts
  • To apply the elements of the tort of negligence and defenses in different business situations.

Literature Review According to Koffman, Macdonald (2010), a contract is a legally enforceable agreement giving rise to obligations for the parties involved. The laws contract determines which agreements are enforceable and regulates those agreements, providing remedies if contractual obligations (undertakings or promises) are broken. In line with Small Business Development Corporation (2013), there are four (4) essential elements of a contract. They are:

  • Offer- there must be a definite, clearly stated offer to do something.
  • Acceptance- only what is offered can be accepted. This means that the offer must be accepted exactly as offered without conditions. If any new terms are suggested this is regarded as a counter offer which may be accepted or rejected. Acceptance can be given verbally, in writing, or inferred by action which clearly indicates acceptance.
  • Consideration- in order for a contract to be binding,

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