Example Of Essay On Law Definitions

Offer:

An offer can be defined as a promise that is conditioned to something that is offered by the other party. It may also be a return promise or forbearance from a certain act. An offer must also be in simple and definite terms and it should not be vague. The intent to enter into an agreement must be contained in the offer for it to be a valid offer.
For example: I will paint your house in two days for a certain sum of money is an offer since it contains the definite time period, and is conditional on the other party’s ability to pay. (Page number 334)

Acceptance:

Acceptance refers to the objective agreement or intent to enter into the agreement by the offeror after the offeree has made the offer. An acceptance is objectively made either by words or conduct or the combination of the two. (Page Number: 352)

This website agrees with the above definition. (Dulhaime)

For example: When the offer to paint a house is made by the painter, the offeror can either verbally agree or can give him a piece of writing stating that the offer has been accepted.

Consideration:

Consideration is something or legal value. It is the benefit that the parties obtained from the contract. (Page Number: 372)

This website agrees with the above idea. (Cornell)

For example: The painting of the house will contain some money being paid to the painter. The money that is paid to the painter is the consideration of the contract.

Forbearance to Sue:

It is an agreement made between the two parties carrying a consideration or return promise in terms of money if the other party refrains from filing the lawsuit against any violation of the terms of the contracts. (Page Number: 380)

The website talks about the similar idea. (Internet Archive)

For example: If the painter breaks something, he can offer money in compensation to the house owner to prevent him from suing in the court of law.

References:

References
Duhaime, Lloyd. 'Acceptance Legal Definition'. Duhaime.org. N.p., 2015. Web. 15 Feb. 2015.
Internet Archive,. 'Contracts: Consideration: Forbearance To Sue : Free Download & Streaming : Internet Archive'. N.p., 2015. Web. 15 Feb. 2015.
Law.cornell.edu,. 'Consideration | Wex Legal Dictionary / Encyclopedia | LII / Legal Information Institute'. N.p., 2015. Web. 15 Feb. 2015.
Mallor, Jane P. Business Law. Boston: McGraw-Hill/Irwin, 2010. Print.
TheFreeDictionary.com,. 'Offer'. N.p., 2015. Web. 15 Feb. 2015.