This contract to supply scrap metal is made on 21 st May, 2012. Sale Of Scrap Metal The supplier shall vend, transport and bring to the purchaser in the month of July 2012 the following property. Scrap metal that is in a condition that fulfills the buyer’s demands. All the costs factored into the final price of 7,500,000.00 (AED). Consideration The purchaser shall accept the property and deposit a sum of 750,000.00 (AED) upon signing this document. Identification Of The Property Identification of the property herein shall not be deemed to have taken place. Not until both a sound purchaser and a sound vendor specify that the property in question is to be apposite to the piece of this agreement. Payment On Receipt The purchaser has made a deposit of 750,000.00 (AED) and shall pay the entire amount as follows. The balance is due on or prior to July 1, 2012. The company check will be issued prior to the loading of the scrap metal onto a ship bound for Beijing. Receipt construed As Delivery The property in question shall be deemed received by the purchaser after payment and loading onto the ship for the carriage to Beijing. Risk of Loss Threats of loss of whatever target to the property, irrespective of the basis, shall be on the vendor until the property has been acknowledged by the purchaser Warrant The vendor guarantees that the property is now free and that at the moment of release shall be liberated from any safety measures or other hindrance or lien. Warranty of tittle In addition, the purchaser guarantees that at the moment of signing of this document the vendor neither recognizes nor has a motive to recognize, the existence of any exceptional title or assertion of the title unreceptive to the liberty of the purchaser of the property. Right of inspection The purchaser must have the liberty to scrutinize the property prior to loading on the ship and, in three business days prior to shipping, the purchaser must confer a notice to the vendor of any dents on account of, quality, grade, or condition of the property and the purchaser must spell out the foundation of the allegations of the purchaser in depth. Failure to comply with such agreement by the deal shall be deemed an irrevocable acceptance of the property by the purchaser. Entire Agreement The parties consent that this comprises of the whole agreement, and there are no additional accords oral or otherwise. The purchaser agrees that it has not relied upon any accounts of the vendor as to the potential performance of the property, implying that it has relied upon its individual scrutiny and analysis of the subject in question. The parties have executed this agreement at the Burj Al Arab hotel on 21 st May, 2012 first above written. There are six key elements of a contract. The first is that an offer made by one party has to be accepted by another party. A mutual agreement involving the parties is also another element of a legal contract. Consideration, where each party promises to give up something is also another element of a contract. To add to the list all the parties involved must be competent, which is an additional element. Ultimately, the last two elements of a contract are the legality of purpose and proper form. The contract above comprises all the six elements of a contract. To begin with, an offer was made by Metal