Law Reflection Coursework Example | Topics and Well Written Essays - 750 words

Law Reflection - Coursework Example Overview of the concepts One of the course’s concepts is formation of a contract that follows the legal definition of a contract as a legally binding agreement that is enforceable by a legal system. Such enforceability however depends on formation of a contract that meets essential legal elements. One of the elements is an agreement between the involved parties. This includes an offer by one party and acceptance, subject to legal provisions, by the other party, known as the offeree. There are however a number of principles that governs offer and acceptance such as communication of an offer or acceptance, termination of an offer and communication of such a termination. Another essential element that defines formation of a contract is transfer of consideration from the offeree to the offeror. Consideration, like agreement, is also governed by legal principles such as the doctrine of past consideration and the existence of an offer to be supported by the consideration. Other elem ents in the formation of a contract are the parties’ â€Å"intention to create legal relations,† â€Å"reality of consent,† contractual capacity of the parties and legality of the subject matter (Mead, Sagar and Bampton, 2009, p. 44). A formed contract, based on the elements, can therefore be enforceable, unenforceable ab initio or voidable at a party’s discretion (Mead, Sagar and Bampton, 2009). Another learnt concept from the course is a person’s legal capacity to form a valid contract. Even though every individual is generally presumed to have a contractual capacity, there are exempted categories of people whom law presumes to lack contractual capacity. Such groups are minors; people bellow legally recognized majority age, those who are mentally incapacitated, and those who are substantially under influence of intoxicants. Minors, due to their lack of capacity are only legally liable for being a party to contracts for supplies of their necessiti es while the mentally ill or intoxicated are legally liable when they become parties to contracts for provision of necessities or at a time of insignificant degree of insanity or intoxication. Any other contract by the parties, whose subject matter is legal, is therefore unenforceable unless affirmed by the parties upon gaining contractual capacity. The contracts however bind the other party, if it has contractual capacity unless the contract is avoided. Principles of the doctrine of legal capacity also have a number of exceptions (Twomey and Jennings, 2010). Relevance of the concepts to my career The concepts are relevant to my intended career of venturing into business as they regulate the profession. My career will for example involve formation of contracts with both my suppliers and my buyers for sale of the cloths. Establishment of promises and their enforceability will therefore rely on the essential elements of a contract and contractual capacity of my customers and suppliers . The concepts are therefore relevant in regulating agreements that will exist between my buyers and suppliers, and my business (Mead, Sagar and Bampton, 2009). How the concepts will help me prepare for my career The concepts will help me prepare for my career through developing my knowledge in the career’s legal environment. Being informed of formation of enforceable contracts will for example help me to avoid losses due to unenforceable contra