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


Scenario Myanmar has recently undergone significant governmental reforms, making it one of the primary locations with an open market. Therefore, there are many foreign businesspeople ready to work with local companies to make investments in Myanmar. Additionally, several people from Myanmar want to conduct business together. The people listed below appear before you and express their desires. a) A foreign investor named Mr. Arthur wants a U Ba to bring building supplies and manufacturing supplies from a French company called “Clement” to Myanmar on his behalf so that he can start a business making computer hardware there. b) U Hla Maung, a businessman from Myanmar, wants to purchase a plot of property in Yangon’s Ward 9, New Dagon Township, at No. 10 Moe Goke Street. The property had a public water system, two industrial electric meters, and two two-story concrete warehouses with the ability to store flammable materials. However, a family currently resides on the property and has taken on responsibility for the warehouse’s safety under the direction of the seller, U Tun Tin. c) Along with Dr. Tin Moe in Mandalay, Dr. Dennis, an English Learned scholar who is in charge of the University of Earl in London, intends to develop education service as a branch of his university. In addition to offering training facilities for the courses, they want to offer undergraduate and graduate diplomas and degrees in business, managing human resources, financial marketing, and law. d) Mr. Kim, the chief executive officer of one of the biggest Korean textile manufacturers, is currently building a textile facility in Wan Dwin. 800 workers are needed for the factory to operate at full capacity. The majority of the workforce will be women. In order to develop future labor forces that are effective, he also wants to hire young children. e) Shwe Pyi Thit is a limited firm that manufactures and sells various types of furniture all over Myanmar. The company has minimal financial resources but seeks to spread its commercial successes throughout Southeast Asian nations. It has two factories in Industrial Zone 1 that are each valued at a market of $100,000,000 USD and a warehouse in Industrial Zone 2 that is valued at $50,000 USD. They want ABC Bank to accept their commitment to their properties in exchange for financial support. Describe the significance of the necessary components for the development of a legal contract. Discuss the effects of the various contract kinds. Examine contract clauses in light of their implications. The clients stated in the aforementioned scenario request textual materials that explain the subject they wish to comprehend. As a result, you must prepare memoranda on the following subjects: (a) The components of a valid contract and their categorization (b) The various types and classifications of contracts (c) The conditions, warranties, and general and legal terms of the contracts. (d) Redress for contract infringement



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