急求一篇英语作文!作文题目"Is a contract important?why?Give an example?"

急求一篇英语作文!作文题目"Is a contract important?why?Give an example?"
急求一篇英语作文!作文题目"Is a contract important?why?Give an example?"

急求一篇英语作文!作文题目"Is a contract important?why?Give an example?"
A contract is a binding agreement made between two competent parties that can be written verbal or implied. The purpose of a contract is to create an agreement that can be supported by the law (West�s Encyclopedia). As we enter the new millenium, and with the increase in the number of businesses (including e-commerce), we need to know more and more about contract law. Knowledge of contract law can also protect consumers and businesses from misunderstandings. The six elements of a contract are: binding agreement, competent parties, form required by law, legal in purpose, consideration, and genuine assent.
A binding agreement is a contract, verbal or written, between parties that is bound by law. When two competent parties make an agreement, it is considered binding. A binding agreement must have an offer and an acceptance. An example of a binding agreement would be if Kelly told Jamie that she would buy her car for $6,000 and they both agreed to it. This agreement is legal in purpose, supported by consideration, is in the form required by law and is made by two competent parties who gave genuine assent.
Genuine assent must be communicated clearly in some way (written, verbal or strongly implied). All adults are assumed to be competent. A promise of giving without receiving is not a legal contract and would be called lack of consideration. An example of this would be paying bus fare to ride Valley Transit to travel. Each party is giving and receiving something of value, which is called consideration. This means that the people involved cannot be under the influence of any substances or be mentally ill. It�s important for people who are making contracts to be of sound mind. A formal contract is a written contract that has to be in a special form to be enforced by law. It is legal for minors to enter into contracts, but they cannot be bound by law because younger people have limited experience and are more vulnerable than adults
The purpose of competency is so people dont take advantage of those who are not competent when entering into contracts.