Home > Free Essays > Law > Business & Corporate Law > Legal Elements Defined by the Contract
Cite this

Legal Elements Defined by the Contract Report (Assessment)


This is a type of funding request contract wherein in return for services rendered, an employee of a company is entitled under the stipulations indicated within their primary employment contract to request funds from the company for furniture under a furniture request contract.

This is a type of auxiliary contract that is combined with most employee remuneration packages and is normally presented at the start of an employee’s contractual term with a company. It is often the case that this type of agreement is offered to expatriates from other countries that have come to the country in order to find work and as a result lack sufficient furniture in their company provided apartments.

The legal capacity of this particular contract is threefold:

1. First, it establishes its purpose as an auxiliary contract by indicating a request by an employee for an allotment of funds that was agreed upon to help set them up within the country.

2. Second, it establishes and acknowledgement between the employee and the HR department that the employee has fulfilled his/her end of the contract by submitting his/her furniture allowance request.

3. Lastly, the contract establishes the set amount to be released based on the employees level and the furniture allowance normally set aside for employees of that particular level.

The legal capacity of this type of contact is only to establish a connection between the initial request for furniture allowance as indicated by the main employee contract and the release of funds from the finance department.

It must also be noted that this contract is a type of binding agreement, as per the indicated header, wherein the person who submits the request acknowledges that the money to be given is to be used primarily for the purchase of furniture and is not be utilized for other purposes.

Consideration

Further examination of the contract reveals a consideration clause which takes into account both the marital status of the employee as well as his/her status within the company. As stated earlier, a furniture allowance request form is often given to new hires, however, this type of request is also applicable to particular employees within the company who have either been with the company after a certain period of time or have been promoted to a higher pay grade.

Not only that, if an employee is married this changes his/her status since the amount of furniture needed should be allocated for two people instead of just one. Thus, the amount of money allocated for a furniture allowance changes based on an evaluation of the employee’s current status within the company and whether or not they are married.

Offer and Acceptance

The last element of this particular agreement comes in the form of the offer of monetary assets and the acceptance of the employee as per the agreements of the contract. As it has been stated previously, this type of contract is an offer wherein furniture allowance is given as part of an employee’s remuneration package for services rendered.

The acceptance of the agreement through this type of agreement comes in the form of the signature that should be affixed on the indicated area where a signature I supposed to be given.

By placing a signature there, the employee enters into a binding contract with the company wherein an established amount will be given based on both his original employee contract stipulations and the services that have been rendered during his time with the company.

This assessment on Legal Elements Defined by the Contract was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.

Need a custom Assessment sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

301 certified writers online

GET WRITING HELP
Cite This paper

Select a website citation style:

Reference

IvyPanda. (2019, December 10). Legal Elements Defined by the Contract. Retrieved from https://ivypanda.com/essays/legal-elements-defined-by-the-contract/

Work Cited

"Legal Elements Defined by the Contract." IvyPanda, 10 Dec. 2019, ivypanda.com/essays/legal-elements-defined-by-the-contract/.

1. IvyPanda. "Legal Elements Defined by the Contract." December 10, 2019. https://ivypanda.com/essays/legal-elements-defined-by-the-contract/.


Bibliography


IvyPanda. "Legal Elements Defined by the Contract." December 10, 2019. https://ivypanda.com/essays/legal-elements-defined-by-the-contract/.

References

IvyPanda. 2019. "Legal Elements Defined by the Contract." December 10, 2019. https://ivypanda.com/essays/legal-elements-defined-by-the-contract/.

References

IvyPanda. (2019) 'Legal Elements Defined by the Contract'. 10 December.

More related papers