The Various Aspects of Contract and Tort Law Essay - 11

The Various Aspects of Contract and Tort Law - Essay Example This research will begin with the essential elements for the formation of the contract in the UK and â€Å"invitation to treat†. Some common elements that are included in the formation of contract signify various features incorporated in a contract and its legal clauses. The valid contract that needs to be developed in case of the corporate sector should first focus on the situation for which the contract is being made. Although the basic elements of the contract remain same in most of the cases, the nature and duty of the contract change on the basis of the requirements. Some of the common elements required for formation of a basic contract have been evaluated below. Offer: Offer is the first and one of the two primary elements of a contract. Offer is formed on the basis of a consideration which enables the parties to the contract to develop a proposal. The offer must have clarity regarding the consideration involved and should have a specific timeframe for its acceptance. Th e advertisement of James for selling the printing press for  £50000 is an open offer. The offer for selling office computer Ann was also an offer. Acceptance: Acceptance is the second primary element of a contract and is done in response to the offer. The acceptance is based on the consideration provided by the offeree. The acceptance is also limited by the time frame and should be clearly mentioned. The reply on the part of Jenny in regard to the offer of James shows the acceptance of an offer. However, as Jenny had stated in new terms in her acceptance it can also be treated as a counteroffer. The counteroffer was made when Jenny offered an amount of  £40000 which nullified the previous offer. However, silence on the part of Jenny cannot be considered as acceptance.