Acceptance Under Contract Law Essay Example | Topics and Well Written Essays - 1500 words

Acceptance Under Contract Law - Essay Example regard is an added benefit that is bargained for and may also include a promise to compromise upon a dispute, but the chief(prenominal) factor is that it must be a new obligation, over and above what has already been agreed to in the original hale. The principle of consideration determines whether an oral promise may be enforceable since an implicit contract is formed if the person making the promise is receiving or sothing in take some consideration www.abanet.org, pp 22. This involves the exchange of something of note value or the promise to do something in future.www.bplans.co.uk, 2003.The basic premise of a contract is the concept of expand and Acceptance. When one party makes an offer and another party accepts it either orally or in pen then a contract is said to exist www.bplans.co.uk, 2003. In order for a contract to be valid, both the parties need to exchange something of value. If one party promises orally to give somet hing to the other but does not follow through with it, his promise is not enforceable, unless the other party agreed to do something in return for the promised gift, in which case a contract does exist and may be enforceable. Once an agreement has been make and a contract entered into, any agreement to vary the contract is likely to be based upon some consideration, especially if the pacts is increased under the doctrine of economic duress. The doctrine of consideration has however been argued as creation too blunt an instrument since its reasoning was such that it could make a promise invalid level(p) though no pressure had been exerted by the promisee at all. Trietel, 2002, pp 14.In this connection, there is already in public a written contract between the two parties, which lays out the terms of payment for services rendered, ie, ternary installment payments of 10,000 pounds each to be made by Roger.