I have entered into a valid contract with my landlord through a contract of lease that grants me the legal right to enjoy the use and possession of the an apartment within a period of time and at a certain price or consideration. I can say the contract is valid because the five essential elements of a contract is present in our transaction namely: competent parties, mutual agreement or consent, lawful object, consideration and written format (Rogers, 2012). The contract was successfully fulfilled because all the elements of a valid contract are present. A critical insight that has brought my attention is the fact that all contracts are agreements but for an agreement to become a contract, the parties must successfully enter into a valid contract that meet the requirements of the law to make the agreement enforceable. Without the essential requisites provided by law to make a valid and enforceable contract, the contract is void. Thus, for instance the failure of the parties to reduce the agreement into writing or in a written document will render the contract unenforceable under the Statute of Fraud which is a legal provision of the law that requires that all stipulated agreements should be in writing in order to prevent confusion and misunderstanding that are too common to happen in oral contracts. If one or all of the parties is a minor for instance the contract is also voidable because of the lack of the legal capacity of the minor to enter into a contract. The contract of lease that I have entered into is one of a valid and enforceable contract because we have met all the essential elements mentioned above. The parties are of legal age that make us competent in entering into a contract and the contract expresses our mutual agreements citing in every provision thereto the specific provisions of the terms and conditions involved in the contract of lease. The lawful object of the contract is the apartment, the purpose of which is to give me the right of possession over it in exchange of an agreed consideration of the payment of a sum of money for the enjoyment of using the object of the contract. The purpose and the object of the contract is also lawful and not against public policy. Lastly, the contract is valid and can be enforceable even as against third persons because it is expressed in writing. The absence of any of these essential requisites of a valid contract may render the contract voidable. A breach of contract may occur the moment one of the parties failed to adhere to the agreed provisions that both consented as written on the contract of lease. In my point of view, I have the right to demand for the fulfillment of the terms and conditions from the lessor or my landlord the moment he failed to meet his responsibilities and the same right is given to him if I commit a breach on the agreed terms and conditions stipulated in the contract. For instance, there is a breach in the contract the moment I defaulted in paying my monthly rental at the time agreed in the contract or when the landlord or lessor fails to allow me to enjoy the free possession and use of the apartment without his intrusion. Any violation of the agreed terms in the contract will give rise to the cause of action on a breach of contract. The remedies available of any party injured by such breach involves the following: specific performance, rescission, damages and injunction. Specific performance will compel the parties to fulfil his duties from the contract such as compelling me to pay the rental that has become due and demandable or compelling the landlord to refrain from intruding the privacy of my stay in the apartment. Rescission of the contract is a remedy to the parties to annul the contract as if it never existed. Damages may be a remedy as either in a compensatory form or liquidated damages that the court award for any monetary losses that any of the parties may have suffered arising from the breach of the contract. Lastly, injuction may be filed in court in order to compel the parties to discontinue certain acts or behavior. Given the essential requisites of a valid contract, they must be observed in order to make an agreement enforceable and demandable to ensure that an agreement will be consistently and honestly fulfilled by the parties under the protection of the law.
Reference:
Rogers, S. (2012). Essentials of Business Law. San Diego, CA: Bridgepoint Education, Inc.
