A legally binding contract

High School ・Art ・MLA ・2 Sources

A legally binding contract is an arrangement between two parties. It must include five essential components: an offer and acceptance, consideration, an intention to establish legal relations, the ability of the parties to enter into a contract, and the free assent of both parties to the agreement. Offer and acceptance help to develop the first component. Offer is a commitment to do something or not do something and a sign of desire to enter into a contract with the other party under defined terms in return for a specific service or return. 2016 (US Legal). Acceptance is the agreement to the terms laid down in the offer and it can be written or orally addressed to the party offering the contract.
The second element is consideration. Consideration is any legal entity of value that is given in exchange for a promise. It may be in any form as long as it is considered to be of value for example in monetary form. In this contract, consideration has been effectively met. It is in the form of monetary compensation for a total of Fifty Thousand Dollars payable by cashier’s or certified.

Mutual agreement is a clear understanding of the agreement. It is binding to both parties and each party should acknowledge and agree to the terms of the contract. Once both parties have agreed to each other’s terms then a mutual agreement is in effect. In the contract, mutual agreement is reflected in a number of entities. The compensation is outlined and agreed upon, whereby, a 25% of the total is payable on agreement of the contract while the rest, 75% is payable on the day of the event at 5 pm. The performer, can cancel the show if the full compensation is not completed in accordance with the payment terms. If BAT cancels the show on or before 30th of March the remaining 75% shall not be compensated, however, if BAT cancels the show after March 30, BAT shall fully compensate the singer as outlined in the contract. BAT shall avail the venue for a sound check and rehearsal by the performer at least one week prior to the show and at 5 pm on April 1, 2017.

Oral contracts lack proper evidence of the exact agreement laid down hence it may be difficult to identify mutual contract as there may be gross misunderstanding between the parties involved. Verbal contracts generally have many disadvantages such as the power of deniability, i.e., one party can deny the existence of a specific clause of the agreement or deny the existence of such an agreement in totality since there is no written and signed evidence of the agreement. There is a potential to forget parts of the contract or misunderstand parts of the contract. This is a limitation since the intentions of the contract would not be adequately satisfied.

Termination of a contract is done if there is an underlying reason such as breach of contract. Once the reason is established, a written notice is sent to the other party with a heading “Notice to Terminate Contract” The notice should include the reason for termination, and a reference to the cancellation policy for example as outlined in the agreement that stipulates, “If Performer has not been compensated in full, under the terms of this Agreement, by 5:00 pm on April 1, 2017, the Show may be cancelled” Minor breach is the failure to complete a part of the contract however the contract was eventually completed. Generally, a minor breach does not include compensation for damages caused by the party that breached the contract (Brown & Charbonneau, LLP, 2015). A material breach is the failure to complete an essential term of the contract that would eventually lead to the contract not being fulfilled. The failure to perform goes to the heart of the contractual agreement (Brown & Charbonneau, LLP, 2015). The difference between the two thus mainly entails severity of the breach i.e. a material breach is too severe that the contract cannot be completed whereas a minor breach is less severe and the contract can be completed.


Brown & Charbonneau, LLP. (2015). WHAT IS THE DIFFERENCE BETWEEN A MATERIAL BREACH AND A NONMATERIAL BREACH. Retrieved from Bc-llp.com : https://www.bc-llp.com/wp-content/uploads/2015/03/What-is-the-Difference-Between-a-Material-Breach-and-a-Non-Material-Breach-Contract.pdf

US Legal. (2016). USLegal.com. Retrieved from Contracts: https://contracts.uslegal.com/elements-of-a-contract/

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