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Elements of a Contract name BUS311: Business Law I (CID1320A)
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May 23, 2013

Elements of a Contract
In our lives we enter several contracts because they are one of the cornerstones to the world of business. There are several elements that can make a contract legally binding. These elements were created to protect all parties entering a contract and if any of them are not included to a contract, then the contract can be voided and will not hold up in the court of law. These elements consist of offer, acceptance, consideration, legality and capacity.
In the fall of 2010, I entered into a contract with a landlord and the City of New York. I was in a shelter with my family and had received our voucher to move out to our own place. The voucher was a part of the Work Advantage program. It basically stated that the City of New York would help us pay a certain amount of rent for our new place for up to two years. Before accepting this part of the offer I had to find a location for us to move to. The voucher also stated that the amount they would help us pay could not exceed $1316. With the assistance of the shelter case manager we found a nice two bedroom apartment for a $1250. Once we saw the apartment and the landlord offered us the apartment. The offer was the first element to a legal binding contract. It is an invitation for another to enter into a contract (Rogers, 2012).
Next, my spouse and I had to decide if this apartment was best for us. Acceptance is the following element. It is an Acquiescence to enter into a contract under the terms of the offer (Rogers, 2012). We made sure that the landlord was aware that small children would be residing with us. At the time, are children’s ages ranged from newborn to six years of age. I also made sure that he was aware that our eldest child had Attention Deficit Hyperactivity Disorder

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