Introduction to Contract
Contract may be defined as a legal binding or agreement between two or more competent parties who give their consent on terms and conditions of the contract. Competent parties to a contract must fulfill for essential requirement such as offer, acceptance, lawful consideration and intention to create the legal obligation (Appleman, Appleman and Holmes, 2013). These elements are highly required in order to form a valid contract. Contract is usually made in the written formation but they may also be orla or implied form. The present report is based upon the different case scenario which will discuss essential elements which are required to form a legal binding. Besides this, it will also develop understanding about the different types and terms of the contract as well as its effect upon the competent parties. Further, it will also shed light on the doctrine ODF vicarious liability and aspects of negligence.
