Joan Brown has just been appointed to her first job. Her employer presented her with a Contract of Employment. Joan knew from studying Business that the elements of a contract include: Offer, Acceptance, Consideration, Capacity and Intention to Contract. (i) Define the term 'contract'. (ii) Explain any two of the elements of a contract underlined above.

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Joan Brown has just been appointed to her first job - Leaving Cert Business - Question B - 2006

Question B

Joan Brown has just been appointed to her first job. Her employer presented her with a Contract of Employment. Joan knew from studying Business that the elements of... show full transcript

Worked Solution & Example Answer:Joan Brown has just been appointed to her first job - Leaving Cert Business - Question B - 2006

Step 1

Define the term 'contract'.

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Answer

A contract is a legally binding agreement between two or more parties. It forms the basis of a legal relationship where parties agree to specific terms and conditions that are enforceable by law.

Step 2

Explain any two of the elements of a contract underlined above.

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Answer

Offer: An offer is a clear proposal made by one party to another, indicating a willingness to enter into a contract. It must be communicated effectively and must include definite terms.
Acceptance: Acceptance is the agreement by the other party to the terms of the offer. It must be unconditional and communicated to the offeror, signifying that both parties are on the same page regarding the contract’s terms.

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