A contract is aimed to formalize an agreement between two or more parties, with regard to a specific subject. It is a legally binding deal, if it consists of the elements of a strong legal agreement, is enforceable by law.
Elements
- An offer: a promise in exchange of performance by another party, made by the offeror with the objective that, if the offer is established, they will be bound by a contract.
- Acceptance: an expression of definite and unconditional agreement set out in the offer. It can be oral or in written format. The acceptance must precisely mirror the original offer made.
- A counter-offer is not similar to an acceptance. After a counter-offer is made, then the original offer can’t be accepted.
- A request for information is not a counter-offer. If any information or clarification is asked about the offer which doesn’t extinguish the offer; you can still accept it if you want.
- Consideration: each party to the contract must receive something significant.
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