Introduction to Will Theory
“Contract” is the term we use on a day-to-day basis for legally binding agreements. The laws related to the contract is always the area of controversy where numerous debates take place on the subject if there is actually freedom of choice in the contract. Basically, there are so many theories that come into front during such a situation, and will theory is one of them. In fact, Will theory is based upon the laissez-faires philosophy which means, “free to do”. According to this philosophy, an individual is independent to pursue his interest through the market transactions with the minimum interference from the government authorities. Students who are pursuing their degree in contract law often hire contract law essay writing help to write an academic essay on the subject.
The objective of implementing Will theory in the law of contract is to provide “freedom of contract” where the involved parties have the liberty to draw their own contracts on the basis of the bargains as per their terms. Those who support this theory agree on the fact that parties should be free to draw agreement on their own terms.
What Makes a Contract Valid
Now, after understanding the will theory, many of the readers agree on the fact that “freedom of contract” should be given but will but the new contract will be valid? legally binding? Enforceable? Well, to come to a conclusion, we need to understand what makes a contract valid in the first place. The foremost point of having a contract is to outline the agreement objectives clearly to avoid any disputes and litigation. In-depth information on the validity of the contract can be accessed through contract law assignment help.
To be valid all the contracts should be in a written format. However, there are some exceptions here like in California some agreements can be oral but still be legally enforceable. Either way, it must include the following elements;
Parties: Anyone with the sane mind can enter into the contract except minors and certain felons and people with mental illness. The contract must include identifying the parties who are entering into the agreement. Usually, mentioning names is enough but when it comes to contracts for partnership purposes title and address are also required.
Consent: A valid contract has the consent of both parties which must be free, mutual and is take after communication. Consent will be not considered “free” if it is obtained through fraud, duress, mistake or influence. certain law books also highlight the consequence of these factors. Obviously, if a person is signing a contract just because there is a gun pointed on his head, then he hasn’t consented for the agreement.
Object: The things on which both parties have agreed upon should be legal, definite and eventually possible. For instance; – a court will not approve a contract that involves an illegal act.
Consideration: it is the factor that is highly considered in all contracts. This means each part must gain something from the contract. For example; you have hired a person to paint your home but in exchange, you are not giving him anything, then you cannot sue him for not showing up.
If the will theory contracts eliminate or neglect any the above elements of a valid contract, then they won’t be legally enforceable. However, legal essay help online experts believe that freedom = contract can be created without compromising with any of the above elements.