A Contract To Lease A Car
Contracts are promises that the law will enforce. A contract is formed by two parties, in which a promise is stated. Failure to complete this promise will be resolved by law. The law provides remedies if a promise is breached or recognizes the performance of a promise as a duty. Contracts arise when a duty does or may come into existence, because of a promise made by one of the parties. To be legally binding as a contract, a promise must be exchanged for adequate consideration. Adequate consideration is a benefit or detriment which a party receives which reasonably and fairly induces them to make the contract. For example, promises that are purely gifts are not considered enforceable because the personal satisfaction the grantor of the promise may receive from the act of giving is normally not considered adequate consideration. Certain promises that are not considered contracts may, in limited circumstances, be enforced if one party has relied to his detriment on the assurances of the other party. Contracts are mainly governed by state statutory, common law and private law. Private law principally includes the terms of the agreement between the parties who are exchanging promises. This private law may override many of the rule
s otherwise established by state law. Statutory law may require some contracts be put in writing and executed with particular formalities. Otherwise, the parties may enter into a binding agreement without signing a formal written document. After reviewing the lease agreement, I have came to the conclusion that I am satisfied with all terms and conditions. The last part of the contract is the signature which will hold me responsible for all the terms and conditions printed on the contract. It is up to me to understand all material listed on the contract. After a signature is documented, I cannot go back and change any part of this agreement between me and the Honda dealer. All terms and conditions are set in stone and must be abided by or else I will fall into breach of the contract and penalties will apply. In addition to the “terms and conditions” part of the lease contract, I had to fill out separate sheet of paper called a: “excessive wear and use addendum.” This sheet had to be filled out by the two lessees’ in order to gain possession of the new vehicle. This addendum stated that we were fully aware of the charges that would be incurred if we did not abide by the rules of the contract. The three key elements are: Making payments on time, maintaining vehicle insurance for public liability and physical damage, and returning the car when the contract has ended. Whether if realized or not, today’s society uses contracts everyday in order to maintain a fair and balanced social order. Usually these contracts are verbal, and not written, but when one needs to purchase something of great value, a written contract is an essential part of the business deal. Take a car for instance, committing to purchase/lease a car is extremely different then ordering a meal from a restaurant. Both are contracts but a cars value outweighs the value of a six dollar burger. When leasing an automobile a written contract is essential in order to execute the sale accordingly and efficiently. Contracts are made in order to provide protection and security for the lessee as well as the lessor. The contract also assu
Some topics in this essay:
Leasing Act,
,
Honda Accord,
terms conditions,
private law,
adequate consideration,
sue leasing company,
today’s society contracts,
law private law,
written contract essential,
vehicle identification,
written document,
monthly payment,
consumer leasing act,
terms contract,
sue leasing,
leasing company,
charges incurred,
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Approximate Word count = 1446
Approximate Pages = 6 (250 words per page double spaced)
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