Explain the importance of the essential elements required for the formation of a valid contract.

Scenario  As a result of recent political changes, Myanmar becomes one of the major places that offer open market. So, there are a number of foreign entrepreneurs willing to co-operate with local business in order to invest in Myanmar. And also, there are some Myanmar citizens who wish to make business dealing between them. Among them, followings persons present before you and submit their wants. a) Mr. Arthur, a foreign investor, who would like to establish computer hardware manufacturing business in Myanmar, want a U Ba to import construction materials and production material to Myanmar on behalf of him from a French Company, named “Clement”. b) U Hla Maung, a Myanmar entrepreneur, would like to buy a land which situated in no.10, Moe Goke street, Ward 9, New Dagon Township, Yangon. The land involved 2 two stories concrete warehouse which has capabilities to store flammable things with 2 industrial electric meters and public water system. But the land is currently resides by a family who have taken responsibilities for safety of the warehouse under the authority of the Seller, U Tun Tin. c) Dr. Dennis, an English Learned scholar who is running the University of Earl in London, wants to establish education service as a branch of his University together with Dr. Tin Moe in Mandalay. Their intention is to provide under-graduate and post graduate diplomas and degrees for Business, Managing Human Resources, Financial Marketing and Laws and they also want to provide training facilities for the courses. d) Mr. Kim, the C.E.O of the one of the largest Korean textile manufacturing companies, is now establishing a textile factory in Wan Dwin. The factory will requires around 800 employees to run at full strength. Most of the employee will be female. He also wants to employ minor kids in order to achieve future efficient labor forces e) Shwe Pyi Thit is a manufacturing company limited producing and distributing all kinds of furniture throughout Myanmar. The Company wants to expend their commercial achievements to South East Asian Countries but it has limited financial resources. It possesses two factories in Industrial Zone-1 which worth market value of 100,000,000 USD for each and a warehouse in Industrial Zone 2 which worth 50,000 USD. So they would like to pledge their properties to ABC Bank and request for financial assistant.     Explain the importance of the essential elements required for the formation of a valid contract. Discuss the impact of different types of contract. Analyze terms in contract with reference to their meaning and effect.   Clients mentioned in the above scenario want to have written documents explaining about the topic they wish to understand. So, you have to write advisory memos about the following topics; (a) Essential elements of valid contract and classification of contract (b) Different types & classifications of contract (c) Conditions, warranties, General and legal terms of the contracts (d) Remedies for breach of contract

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