Identify the element of consideration

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Reference no: EM133613266

Question

Review the agreement and give justification and explanation as to whether the agreement contains the necessary elements of a valid contract. For this review, you are to reflect on and address the following sets of questions: There are certain requirements for the formation of a contact: What is the first required element of contract formation? The second element that must be present for the formation of a contract is consideration. Examine the contract and identify the element of consideration. Describe the details of the consideration that appear in the agreement. Mutual agreement (sometimes referred to as "mutual assent") is reflected in the agreement. Please answer the following questions: How is mutual agreement reflected in the contract? Why might it be more difficult to establish the existence of mutual agreement in an oral contract? Can you think of other pros and cons of written versus oral contracts? Please explain. As it turns out, the other party has failed to perform its obligations under the contract, and your client now wishes to terminate the agreement. How is a contract concluded or terminated? Please explain this to your client. Explain to your client how each party can be discharged from their liabilities.

Reference no: EM133613266

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