International Legal and Ethical Issues in Business IP Week 3 - Essay Example This rule also applies to someone who is inebriated or otherwise under the influence of intoxicating drugs. For the purpose of this element, likewise minors do not have the capacity to enter into a contract, so a parent or guardian must act on their behalf. A minor’s age of consent varies from state to state and different countries but is generally eighteen. 2. Legal Purpose. In order for a contract to be valid, it must also be legal in the domicile which it is drawn. For example, loan contracts with usury above the legal limit are invalid, as are agreements for such things as prostitution, arson, murder and gambling. 3. Offer and Acceptance. This aspect is common in the real estate business, where two parties have something to offer each other. The seller has a house or land and the buyer has the cash to purchase the property. They bargain for a bit and finally acceptance is made from both sides. At this time they have a contract, which once signed can be legal and binding. 4. Consideration.
nternational Legal and Ethical Issues in Business IP Week 3 Essay