LAW Essay Example | Topics and Well Written Essays - 3500 words

LAW - Essay Example The element reality of the consent, on the other hand, refers to the requirement that the consent by either or all parties must not have been vitiated by any misrepresentation, fraudulent or otherwise, whilst the capacity to contract is a personal requirement on the part of the parties of the contract that they do not possess any legal disqualifications to enter into it. A disqualification for example is minority. Finally, the legality of the contract refers to the ability of the contract and its terms to hold before the law. Put in other words, the contract must not be legally invalid (Mead, Sagar & Back p 56). The problem at bar, calls for the application of the laws of contract formation particularly on the validity of acceptances and offers. The problem at hand concerns the initial phase of contract-making which is the formation of the contract. The problem here lies in the fact that there was a mix-up of the different elements of the agreement like offer and acceptance and the problem seeks to determine whether there was a valid formation of a contract and with which parties. The problem involves UCL Property Developers, the inviting party, and two companies vying for the building contract: the DC Builders, and; the GB Construction. The order of events is: first, UCL gave out invitations to tender to building contractors for the construction of its administration offices; second, DC Builders and GB Construction were the lowest bidders and pre-qualifiers for  £ 2, 250,000, and  £ 2, 410,000, respectively and each attached its own conditions and terms distinct from UCL’s; third, UCL awarded DC with the contract, in a letter, but for a slightly less amount and in accordance with its own terms; fourth, DC threatened to withdraw its offer if UCL does not amend acceptance within five days; fifth, DC formally