Introduction to Law and Contracts Essay Example | Topics and Well Written Essays - 750 words

Introduction to Law and Contracts - Essay ExampleAn agreement that is binding to one fellowship and at the option of the other(a) party is a voidable contract.For a contract to be valid, the objective must be legal. An objective can be un constabularyful if the law forbids it, it is fraudulent, and the court considers it to be imm unwritten or against public policy. Agreements opposed to public policy can be banned by law to protect the public interests (Walston-Dunham, 2009). Acts that are contrary to public policy are void. Some of the acts considered to be against public policy include transacting with an enemy country and hinder with the administration of justice. The law of the contract is based on the doctrine of equity and substance of common law. Among its main elements are offer, acceptance, lawful consideration, capacity to contract, intention to reach a legal relationship, capacity to contract, legal formalities, lawful objects possibility of performance, and, not expr essly, the declared void.In this scenario, Chappelle is the defendant while on the other hand Mustafa, who is his power manager, is the plaintiff. Chappell who is an actor and a comedian is sued for breach of contract. Chappelle and Mustafa entered into a management agreement on September 2005. Moreover, the two parties did not reduce their contract in writings, and for this, it is an oral agreement. By this, the defendant can deny the allegations charged against him because there is no evidence of the agreement passed. Mustafa is now suing Chappelle for stiffing him over $864,500, and is therefore, seeking monetary compensation. On the other hand, Chappelle claims that Mustafas incompetency made him lose millions of dollar (Abramovitch, 2005).In this case, the presence of witnesses may be assistive in proving the legality of the contract. However, every contract has its monetary value and condition, and if one party breaches this, then they should face the consequences. In Chappe lles case, terminating Mustafas