Essay: Contract law-Mulcahy and Tillotson
Mulcahy and Tillotson (2004, p.6) asserts that the essence of contract formation is the perspective of freedom. Basically, it is at the best interests of the enterprise to come into agreement with its stakeholders through the freedom of exercising their own specifications. During contract formation, the manager should strictly ensure that the consumers are well aware of the terms and their implications. When they agree with the guidelines for the exchange of services, both parties are likely to appreciate the collaboration.
Collaboration is quite important in business as it highly determines the amounts of consumer sales. Moreover, this element of collaboration is achieved through free will by both the manager and consumer. Given the ability to make individual decisions on the needed services by consumers and the willingness of managers to provide for the same at an agreed upon price, the business is bound to thrive. Therefore, contract formation must take precedence before the commencement of any business transaction both for efficiency and operational legitimacy.