Elements Of An Agreement

4. Reciprocity – The contracting parties had “a meeting of heads” on the agreement. This means that the parties have understood and agreed on the basic treatment and contractual conditions. Minors can only cancel a contract if they are still minors. If they do not take steps to cancel the contract while they are still minors, they can no longer claim, after the 18th year and the entry into the majority, that they are not fit for business and that they no longer lift the agreement without infringing the contract. A contract does not exist simply because there is an agreement between two or more people. The Contracting Parties intend to conclude a legally binding agreement. The law is not so much about what the parties have subjectively intended, but about what a reasonable person would consider intentional in the circumstances in which the agreement was reached. Such intent is rarely explicitly mentioned in a written document, but is derived from issues such as the nature of the relationship between the parties and the nature of the agreement. Only limited types of errors make a contract not binding on the parties: these are errors that must be the basis of the agreement. If the agreement does not meet the legal requirements to be considered a valid contract, the “contractual agreement” is not enforced by law and the injuring party is not obliged to compensate the non-injuring party. In other words, the claimant (non-injuring party) in a contractual dispute suing the injuring party can only receive pre-existing damages if he is able to prove that the alleged contractual agreement did exist and was a valid and enforceable contract.

In this case, the waiting injury that attempts to make the non-injuring party a whole is rewarded by the award of the amount of money that the party would have paid if there had been no breach of contract, plus all reasonably foreseeable consequential damages caused by the breach. However, it is important to note that there is no punitive damages for contractual remedies and that the non-injurious party cannot be awarded more than the expectation (cash value of the contract if it had been fully performed). When a party brings an action for infringement, the judge must first answer the question of whether there was a contract between the parties. The complaining party must justify four elements to demonstrate the existence of a contract: these include the desire of both parties to conclude the agreement without constraint. Each party must reasonably consider that the other party has both the legal right and the ability to honor its termination of contract. They must also be able to fully understand, at the time of the agreement, what their commitments will be. For example, a drunk person (with a few exceptions) or a minor (with a few exceptions) does not have the ability to enter into an agreement because they do not fully understand the obligations they take. Contracts that must be written: as already mentioned above, not all contracts should be available in a written format. However, some absolutely do, or they are countervailable. According to the common law doctrine of the “Statute of Fraud”, codified in the General Obligations Act (GOB), contracts for the purchase of immovable property (GOB § 5-703), contracts that cannot be performed in less than one year and contracts guaranteeing the guilt of another (co-signatory) (GOB § 5-701) must all be concluded in writing.

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