THE CONTRACT AND THE LAW

GROUP 3:
Members:
1. Phạm Thị Lan Anh – 20131088
2. Bùi Vũ Kim Diệp – 20131101
3. Nguyễn Thanh Tuấn - 20131218
4. Lương Nguyễn Tường Vi – 20131225
5. Đỗ Thị Bảo Vi – 20131224
6. Nguyễn Nhật Vy – 20131067

1. Promise?
Promise is an engagement by which the promisor contracts towards another to
perform or do something to the advantage of the latter. Promises are recognized as
the legal application by the court. When a promise is reduced to the form of a
written agreement under seal, it is called a covenant.

2. Liability?
Liability: the responsibility of a person, business, or organization to pay or give up
something of value when you break the promises.
Because there are promises recognized as legal obligations by a court, if the legally
recognized promise is broken, a court might impose liability on the party breaking
the promise. They have to pay for any losses or damages that they cause.
3. (Legally) Agreement?
An agreement refers to an arrangement or understanding between two or more
parties with respect to their responsibilities and rights to one another. Agreements
are often associated with contracts; however, "agreement" generally has a wider
meaning. Agreements create mutual understandings between parties, while
contracts are agreements that create enforceable obligations.
4. Elements of contract?
Elements are ingredients to contract: offer, acceptance and consideration.
 Offer: the manifestation of willingness to enter into a bargain.
 Acceptance: unconditional willingness to be bound by offer.
=> a party must make an offer and another party must accept the offer.
 Consideration: something of value given in exchange for a promise.
=> giving and getting something.

5. What is a contract?
- A contract is like a promise between people. It is an understanding, a deal
between two or more people or organizations to do certain things. Each person or
organization who agrees to do something in a contract is called a party.

- An legally enforceable agreement, or a contract, says what you and the other
person or organization have agreed to do. It is a written list of the promises you
have made. The best form of contract is written on paper and signed by each party.

- A contract is used when people or organizations have agreed to do something

together. A contract is often used to:

· say what is expected of you

· say what you expect of the other person or organization

· protect each other’s needs and rights

· make each party more responsible for what that party promises to do

· say what happens if a party does not keep its promise.

- We can see that a contract has some special elements, and if we have the
nescessary elements, we will have a contract.