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A charter is an agreement between two or more parties , which is enforceable by law . For a contract to exist , the following elements must be presentOffer and Acceptance : this is when a party called the offeror offers a service or anything of actual value to another party called the offeree who signifies his agreement to such wrong in writing , orally or through his actions . such an offer must be directed to a item person or group of people who are classifiable and not to the generality of the populace . This must be rough-cut assent or consensus ad idem (meeting of moinds (Legal Information Institute , n .dConsideration : is that something of tangible (legal ) value , which a party gives in swap for a contractual promise .

Consideration or a valid substitute is necessary to create a subsisting contractCapacity : is the licitly required ability of a party to enter into a cover version agreement such as soundness of estimate and attainment of majorityLegality : means that the parties meant the agreement to be lawfully binding . As such , the object must be legally contractible e .g , a contract to steal is not bindingThe objective theory of contract is a principle in U .S . law that the existence of a contract is determined by the legal significance of the external acts of a party to a purported agreement , rather than by the actual intent of the parties (West s cyclopaedia of American Law 2005 . This means that the law makes an objective interpretation...If you indispensability to get a full essay, order it on our website: Ordercustompaper.com

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