Elements of a contract

When two parties enter into a contractual agreement, one party agrees to do something in exchange for something from the other party. However, for these contracts to be enforceable by the courts they must contain three required elements: an offer, acceptance, and consideration. Each of these elements is important to the contract and have specific requirements that must be met in order for them to be valid.

An offer is when one party promises to do something, or refrain from doing something, in the future. Offers should include details like price, quantity, the parties and subjects involved, consideration, and time for acceptance. When these elements are present the offer creates a power of acceptance in the offeree. This means they now have the power to bind the offeror to the contract. A statement is not an offer if it does not create a power of acceptance. After an offer is made, it is up to the offeree to accept. This can be done by words or conduct, but it must be made known to the offeror for the contract to be legal. Finally, consideration is what each party gets in return for their contractual performance. Consideration must be legal acts or goods and cannot come in the form of gifts or rewards for past performances. A contract can only cover future actions or enterprises. Once all three of these elements are in place the contract should be legally valid and binding.

Link:

http://www.newsrecord.org/mobile/news/uc-legend-sues-ncaa-over-trading-cards-1.2451820

Oscar Robertson sues the NCAA, College licensing Co., and Electronic Arts (makers of NCAA video games) for using his likeness without compensation. Interesting because it is another example of how college sports capitalizes on its players while they are forbidden from profiting in any way.