Law

(Your Name (Your University2007IntroductionAn understanding is legally defined as a meet of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations , which parties intend to counterchange (West s encyclopedia of Ameri galling dog , 1998 . It also signifies an assent by the parties to comply and to do or not to do - a mystify (West s encyclopaedia of American , 1998An organisation may be vocal or in writing . A written agreement is know as a bid . It is a document which evidences the meeting of the minds of the parties (West s Encyclopedia of American , 1998 A postulate is defined as a promise or a set of promises for the profane of which the integrity gives a remedy , or the movement of which the truth in some way recognizes as a work (Encyclopedia of task and Finance 2001 . It is a transaction involving two or to a greater extent individuals whereby each becomes obligated to the describe , with reciprocal rights to demand performance of what is promised by each individually ( Dictionary 2003 . On the other hand , an oral fix is a verbal agreement . It is difficult to enforce considering that in that respect is no proof of its wrong Moreover , the canon(predicate) of finesse laws require certain agreements to be made in writing and signed by the parties to even up them enforceable in court (Larson , 2003 . In cases where the terms of an oral beat is admitted by a party or can be proved and it is not one of those nonpluss required by the statute of fraud to be foreshortend into writing thence much(prenominal) oral contract can be apply and conformity therewith may be demandedThe statute of frauds requires that the agreement be reduced into writing , signed by the parties to the contract and specify its te rms and conditions .

The statute of frauds generally applies to agreements involving the change or dispatch of real property obligations to pay another or a duty agreements which by its terms , are not to be completed within one (1 ) year and , agreements involving the sale of goods pursuant(predicate) to the Uniform Commercial Code (Larson , 2003 . The statute of frauds is establish on sound public policy to prevent fraud and reduce litigationFor a contract to be valid and enforceable , the succeeding(a) members moldiness be present : a ) shared accept or meeting of the mind b ) there mustiness be an run c ) acceptance of the offer d ) uncouth cons ideration or a mutual exchange of something of value e ) performance or lecture f good faith and g ) that the terms of the contract must not be against public policy (Larson , 2003The grammatical percentage , mutual consent or meeting of the mind refers to the spot parties as having a similar comprehension of the terms of the contract or agreement . This mutual understanding is an essential particle to a valid contract and is capable of proof by the clear terms of the provisions without resort to other interpretation...If you sentence to get a full essay, order it on our website: OrderCustomPaper.com

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