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  • Essay / Disadvantages of Arbitration in Law - 889

    Adhesion contracts are a common form of contract and are binding like any other contract. In some cases, adhesion contracts or a clause in the contract could be enforceable. A binding contract means that there must be agreement, acceptance and consideration. The key element is supply. It defines the subject of the contract. The offer must be communicated effectively so that the other party has the opportunity to accept or decline the offer. For the offer to be valid, acceptance must be simple and correspond to the exact terms of the offer. To finalize the offer, there must be consideration. The consideration must be a compromise for both parties. “Both parties must give something of value and receive something of value. If only one party receives value from an agreement, the agreement is generally defined as a gift rather than an enforceable contract” (UTSA,