CRITICAL ANALYSIS PAPER 2 In today’s world a business relationship brings a set of expectations in relation to what will be given and what will be received. A contract is a tool that can be used for defining what these expectations may be. A contract also describes the rights and obligations of each party involved, the terms and conditions, performance and what each party will gain from the relationship. Contracts come in many different terms and contain various stipulations according to the type. I will address the rental contract that I’m obligated to and the elements of a structural contract. Prior to accepting the offer for the residential lease agreement I viewed the sign that the property was for rent. As we know that the sign sating the property for rent is not an offer but inviting others to make or accept what will be determined. The text states that “ An offer must contain an unequivocal (clear, unambiguous) promise to enter into a contract, must have reasonably certain terms, and must be communicated by the promisor (the person making the promise) to the promisee (the person to whom the promise is made)” (Rogers, 2012). After meeting with the landlord of the property an offer was made with certain stipulations to adhere to and responsibilities of both parties. The landlord made clear what it was that he would be offering in return for what I would be able to provide. After reviewing the responsibilities and performance of the terms I agreed and accepted the offer from the landlord.
Lease Agreement Five elements of a contract There are five essential elements required for a contract to be enforceable. First, and offer must be made, followed by acceptance, consideration, legality, and capacity. “Offer : An invitation for another to enter into a contract. Acceptance: Acquiescence to enter into a contract under the terms of the offer. Consideration: Anything of legal value that is asked for and received as the price for entering into a contract. Legality: The extent to which the contract is legal and not against public policy. Capacity: The mental competency to enter into a contract. Additionally, there are special rules for people who are under legal age” (Rogers, unit 2). For the rental agreement an offer was made. The landlord offered an apartment for one thousand four hundred a month. I accepted to enter into the contract under those terms. Monetary value was considered by both parties and also the terms of the contract that could potentially lead to the discharge of the contract. The contract is legal and follows policies and laws instilled by the state of California. Lastly, I have the mental capacity to enter into the contract. If I had a mental disorder I would possibly not have the mental capacity to enter the contract. Breach of contracts A breach is defined by “failing to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach")” (Law.com, N.d.). Firstly, breaching by condition can be done a few different ways. Concurrent conditions bind 3