Nestlé, Essay

1046 WordsSep 5, 20125 Pages
Contracts Rashid Mayes Ashford University Legal Environment BUS670 Professor Troy Tureau May 20, 2012 Contracts The compilation of a contract goes through a variety of phases to insure that it will not only withstand legal scrutiny, but can also meet other criteria necessary for it to be viable. Its construction must take into account not only the objectives of the entity initiating the doctrine, but to also include the considerations afforded to those parties’ for whom the contract is intended. Specific areas to be covered in the contract would include a description of the concepts of the offer, requirements of acceptance and the legalities surrounding the contractual agreement. These are the areas to be covered in this paper. An agreement is necessary in creating any contract; before there can be a contract, there must be a consensus ad idem (Oilek, n.d.)-a meeting of the minds. Both sides must agree to the fundamental terms of the contract, with the intent on entering into one that is legally binding. Reaching an agreement is determined by an objective standard; the standard being one where an objective bystander would reasonably take into consideration all the essential terms of the contract and agree that that it is intended to form a legally binding relationship. There is no particular verbiage to use in putting together the agreement, but there must be an offer made by one side and the acceptance from the other; without an offer and acceptance, there is no consensus ad idem which is necessary to form a contract. An Offer is the first step in putting together a contract; the offer must be clearly defined as to what is being given or provided (such as an action or service). This is not to be confused with an invitation to treat ("Invitation," n.d.), which is declaring a willingness to enter into contractual negotiations that would be legally

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