Enforceable Contract- Discussion 2
There are four components of an enforceable contract, including an offer, consideration, acceptance, and maturity of the obligation. An offer refers to one party’s readiness to do a specific action that mutually benefits the other party (MacMillan & Stone, 2012). An offer must be made to become legally abiding and can, therefore, be accepted or rejected. A consideration is a requirement where one party gives up one thing of value for another. Both parties must exchange things of value for the contract to be valid (MacMillan & Stone, 2012). The parties then draft a contract upon agreeing on the terms and conditions of the contract. Acceptance occurs when the parties involved agree to be bound by the contract’s terms and conditions (Yonjan, 2019). Maturity of obligation is the date set when each party honors their responsibilities as per the contract.
The process of purchasing a new CT scanner requires me to search for the seller with the market process. The research will help me compare different offers in the market. Once I select the vendor with the most favorable and cost-effective offers, I will have the purchase approved. Later, the drafting of the contract will begin with the selected vendor.
All the information regarding the purchase of the CT scanner must be included in the contract for the contract to be valid (MacMillan & Stone, 2012). The crucial information includes the price, installation requirements, software upgrade, and a valid warranty. The contract will also state when the vendor should receive his payments and the mode of payment used. Also, the contract will include an obligation on the part of the vendor to train the staff on how to use the CT scanner. All the parties need to understand their obligation to the contract and honor them. The contract will be valid, given that the selected vendor has a reputation in selling healthcare equipment.
References
MacMillan, C., & Stone, R. (2012). Elements of the law of contract (pp. 13-48).
Yonjan, Y. (2019). An Analysis on Major Elements of a Valid Contract Under Muluki Civil Code, 2074. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3437233