A contract is a legally binding contract between at least two parties with details pertaining to agreements made between parties involved. Some elements have to be present before a contract is binding. The first element is the offer which is a promise of fulfillment to provide service. The offer, in most instances, contains terms and conditions. Acceptance is another element where a party agrees to deliver tasks specified in the contract to be compensated. Mutual assent, another element, is a blend of a valid offer and acceptance between the parties(La ß & Wooden, 2020 ). Consideration is the compensation given for the exchange of goods or services and is not always monetary. Capacity is the presumed ability that parties going into a contract understand the terms, obligations, and consequences of signing a contract, and legality is the element of the contract adhering to the law.
In our daily lives, one must encounter contracts, and it is important to understand the terms and all the elements involved in them. When one enrolls at the university to undertake courses, they sign the honor code, a contract between a student and the institution to adhere to ethical academic guidelines. There are other contracts also involved in the school setting. Employers require employees to sign contracts before they are eligible to work for organizations or institutions (Braganza, Chen, Canhoto & Sap,2020). The employment contract usually entails wages, leave days, and employment terms, among other details. The last contract I signed is my employment contract. In some instances, I have a mandate to sign contracts on behalf of my employer when dealing with our business partners, such as suppliers and distributors. Contracts may be between individuals or organizations, depending on the nature of the contract.
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References
Braganza, A., Chen, W., Canhoto, A., & Sap, S. (2020). Productive employment and decent work: The impact of AI adoption on psychological contracts, job engagement and employee trust. Journal of Business Research .
Laß, I., & Wooden, M. (2020). Temporary employment contracts and household income. Social Indicators Research , 147 (1), 111-132.
