Business Law: Contract and Negligence Principles

Business Law: Contract and Negligence Principles

LO1: The essential elements of a valid contract in a business context

LO1.1: the importance of the essential elements required for the formation of a valid contract

For a valid contract to be made, some principles need to be followed. The basic principles that need to be followed by Sam in making a contract agreement with Bob, who is a potential client include the following:

Offer and acceptance-this element state that there must be an offer and acceptance that is lawful as a response to the offer made by the first person. By being lawful, it means that the acceptance and the offer are conforming to…