Contracts are mainly subject to legal and common (judicial) and private law (i.e.dem private contract). Private law first includes the terms of the agreement between the parties exchanging promises. This private right can repeal many of the rules otherwise established by state law. Legal broadcasting laws, such as the Fraud Act, may require certain types of contracts to be executed in writing and with special formalities in order for the contract to be enforceable. Otherwise, the parties can enter into a binding agreement without signing an official written document. For example, the Virginia Supreme Court in Lucy v. Zehmer, that even an agreement on a piece of towel can be considered a valid contract if the parties were both sane, and showed mutual consent and consideration. It is the person who wants the agreement to be a contract to prove that the parties do intend to enter into a legally binding contract. The parties must exchange some value for the binding nature of a contract. This is called reflection. The reflection should not be reasonable or for the benefit of the other person, it must suffice (z.B.
if someone offers to sell his house for nothing, there is no quid pro quo; but if they offer to sell it for $1, then there is a valid consideration). A minor between the ages of 7 and 18 can therefore enter into a contract. However, it is assumed that they do not understand the effects of the contract. This means that the minor remains protected at the expense of the other party. The minor may terminate a contract without cause at any time before the age of 18 and for a reasonable period of time thereafter, the contract being « not valid ». Valid and invalid – A contract applies when all the essential elements of the drafting of the contract are in place. Conversely, a contract is invalid (or rather, there is no contract) in the absence of one of the essential elements of a contract. The design elements of a valid contract (offer, acceptance, consideration and arrival of spirits) are explained below. In social situations, there is generally no intention that agreements become legally binding contracts (. B for example, friends who meet at a given time are not a valid contract). An agreement is reached when an offer is made by a party (for example. B a job offer) to the other party and that offer is accepted.
An offer is an explanation of the conditions to which the person making the offer is contractually bound. An offer is different from an invitation to treatment that only invites someone to make an offer and should not be contractually binding. For example, advertisements, catalogues and brochures showing the prices of a product are not offers, but invitations to processing. If it was value, the publisher would have to provide the product to anyone who « accepted » it regardless of inventory. While a contract may appear valid on his face, there are times when it is not applicable under the law.