Contract Law Duncan and Mitsui Bank

Question: Discuss about theContract Lawfor Duncan and Mitsui Bank. Answer: Four Basic Features of Valid Contract: Offer and Acceptance- Contract is formed with the criteria of offer with subsequent acceptance of the same. Offer and acceptance are bonding parties with interest to the subject for specific reason. Capacity of the parties- The features of capacity of the parties are defined as the conditions of the parties related to financial and mental ability of the parties to enter into the contract(Forbes, 2006). Consideration- The basic feature of a contract is value of the contract which is called as consideration. This consideration is instrumental to make the contract valid in terms of cash or any other kind. Legal Compliance the compliance of the contract should be empowered with the enforcement of legality. Any contract based on illegal understanding or illegal exchange of goods or services is not valid and is proved to be void while the existence of that is in question (enotes, 2013). Conditions: To consider the enforceable character of any contract regarding its legal validation, the rule has made certain existing provisions with conditions which are given below:- Capacity to Contract- The law of contract enforces the criterion of capacity of the parties regarding their mental, physical and financial position is concerned. Mentally or physically impaired persons along with financial inability, if not fit to meet the need of the contract, will make the contract void(e-lawresources, 2015). Undue Influences, misrepresentation and duress- If one party to contract has made attempts to make the contract under the influence of undue condition, the contract is considered to be void. Misrepresentation of facts, if considered to be the influencing factor for making any contract, also makes the contract void. Similarly duress in the forms of creating mental pressure, threat originated from wrongful or illegal doing also makes the contract void. Act of Unconscionable This act promotes the types of work or incident which are not supported by basic ethical values of society as they are elementary to promote the rights to make the balance of the parties(Lib, 2015). Public policy with illegality- it is not allowed to consider a contract as valid which is not endorsing the norms of public policy as per the rule of the society and community. Moreover the contract is valid if it is based on the pillars of illegality. Contract Between Duncan and Mitsui Bank: While considering the contract between Duncan and Mitsui Bank regarding his employment, the same is in the form a written agreement clearly depicting the clauses related to condition applicable for both employer and employee. This agreement covered condition related to offer from Mitsui Bank to Duncan for the compensation package to be offered to Duncan along with the pre-condition for Duncan to be eligible for the compensation. The contract is bilateral by definition restricting any other party to intervene to it. Implied Contract: Those contracts considered as implied contract which are enforceable by law with the legal principle of equity. (e-lawresources, 2015). Duncan and Mitsui Bank Claim: With the power of the written agreement between Duncan and Mitsui Bank, Duncan can easily establish his claim with the support of the agreement. It is to be considered as implied contract, as the contract with all relevant clauses are clearly mentioned in the agreement related to employment and compensation. References: e-lawresources. (2015). Statutory implied terms - The Consumer Rights Act 2015, Sale of Goods Act 1979 and the Supply of Goods and Services Act 1982. Retrieved September 23, 2016, from https://e-lawresources.co.uk/Statutory-implied-terms.php enotes. (2013, April 29). What are the 4 essential elements of a contract? Retrieved October 16, 2016, from enotes: https://www.enotes.com/homework-help/what-4-essential-elements-contract-217413 Forbes. (2006, November 20). What Makes A Contract Valid? Retrieved October 27, 2016, from Forbes: https://www.forbes.com/2006/11/20/smallbusiness-statelaw-gifts-ent-law-cx_nl_1120contracts.html Lib. (2015). Commercial law: Contract law. Retrieved September 23, 2016, from https://guides.lib.monash.edu/commercial-law/contract-law