"Contract and Negligence Law3any kind of detriment or loss or responsibility undertaken, given or suffered by another party inthe contract. In this regards, it can be said that one party in the contract has bought the promisesof another party in exchange of value.In a contract, one party is required to suffer any loss or itshould receive any kind of advantage in consequence of promises. It is important for making acontract that a consideration of present and past consideration should not be assumed as aconsideration. In order to make the contract valid and legal, consideration is supposed to belawful and real (Murray, 2011).Capacity Many groups have been recognised by the law as unable of entering into bindingagreements of since these groups might not possess a legal capacity for understanding theagreements. Individuals who are minor do not have similar considerations. In this regards, twokinds of contract are said to be binding and valid on minor individuals. The contracts that aremade by majors with minors are said by the Contract Act as voidable (Fried, 2015).An individual who is of unsound mind has no authority to enter into or rescind a contractbecause of his mental disability because of their incompetency of understanding about thesituation that is going on. The meeting of minds should be present and all parts of the contractare required to be in agreement with the terms without any condition and without any kind ofinfluence, for instance, threat (BPP Learning, 2013).Legality In order to make a contract valid, it is required to be in compliance with the legislature. Acontract is required to be legal for making it enforceable as per the legislature. Any kind of Contract and Negligence Law4violations should be avoided that impact the validity of the contract. These violations arecomprised of misrepresentation, mistake, undue influence, duress and restraint of doing the trade(BPP Learning, 2013). Free Consent Both parties to the contract are required to provide their consent for making theiragreement robust and in absence of any kind of coercion or mental compelling or pressure(Fried, 2015). Certainty It is utmost important for making the agreement into a contract that all conditions andterms in the contract are certain and clear (Murray, 2011).Impact of Various Types of Contract Conventionally, a contract becomes enforceable as a legal document if the contract ismarked as a representation of the intention of the parties to the contract about legal results.Moreover, there are express contracts where it is required by the parties to mention their terms inwriting or verbally. An oral or written but definite proposal is required to be made and it shouldbe accepted by the other party in a way that consent is demonstrated as per its terms.The contracts are said to be implied in which obligations are arisen by the intention ofmaking a promise and by mutual agreement that has not been arisen in words. To label anycontract as implied is misleading since contract implied a shortage of requisite of true contract.The quasi-contracts are representative of implied contracts and these contracts are similarly Contract and Negligence Law5binding as other contracts are as per law. An implied agreement is reliant on substance in orderto make its existence, hence in order to make any implied contract, some kind of conduct andactions are required by the party for making them binding (Ayres and Ayres, 2012).Analysis of the Terms in Contract The legal terms of the contract are linked with collateral contract and conditions andwarranties. Collateral contracts are those contracts which are created for supporting mainagreement or contract. The terms of the contract can be conditions or warranties. The terms canbe said or written terms. The terms that are more important for making the contract are known asconditions whereas the terms that are less important for making a contract are known aswarranties. In absence of completion of the conditions, no party to the contract can make anentry to the contract. On the other hand, if the condition is made wrongfully or if the breachhappens then it is assumed that the contract is void, voidable or it can be rescinded (Schooner,2011). Task 2 In given scenario, when Charles put his Jaguar outside his house by putting a notice, it issaid to be an invitation to the proposal. When Jacqui called Charles, it is said to be making aproposal where acceptance is defined by a certain mode of time. In this scenario, the proposal isassumed to be accepted only if it is communicated within the mentioned time (Anson et al.,2010). Hence, it can be said that the proposal is contingent on the time period and is required tobe made in mentioned mode of time for deeming it as accepted. In given scenario, Jacqui did notcall her up which implies that the proposal has not been accepted."