IKEA operation
1- Main types of agreements? a- Unilateral Agreement:A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party b- Bilateral Agreement: the parties exchange mutual promises. Bilateral contracts are commonly used in business transactions; a sale of goods is a type of bilateral contract. c- Partnership:Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states the (1) nature of the business, (2) capital contributed by each partner, and (3) their rights and responsibilities
2- Main elements for a contract?
a. Offer and Acceptance:In order for a contract to be formed, the parties must reach mutual assent (also called a meeting of the minds).If a purported acceptance does vary the terms of an offer, it is not an acceptance but a counteroffer and, therefore, simultaneously a rejection of the original offer
b. Intention to be legally bound:In commercial agreements it is presumed that parties intend to be legally bound unless the parties expressly state the opposite as in a heads of agreement document
c. Consideration:Consideration is something of value given by a promisor to a promisee in exchange for something of value given by a promisee to a promissor. Typically, the thing of value is a payment, although it may be an act, or forbearance to act in some cases.
3- What the writing contract should contain:
a- Identify the Parties to the Contract b- Describe the Subject Matter of the Agreement c- State the Material Terms d- Integration or Merger Clause e- Signe the contract
2- Main elements for a contract?
a. Offer and Acceptance:In order for a contract to be formed, the parties must reach mutual assent (also called a meeting of the minds).If a purported acceptance does vary the terms of an offer, it is not an acceptance but a counteroffer and, therefore, simultaneously a rejection of the original offer
b. Intention to be legally bound:In commercial agreements it is presumed that parties intend to be legally bound unless the parties expressly state the opposite as in a heads of agreement document
c. Consideration:Consideration is something of value given by a promisor to a promisee in exchange for something of value given by a promisee to a promissor. Typically, the thing of value is a payment, although it may be an act, or forbearance to act in some cases.
3- What the writing contract should contain:
a- Identify the Parties to the Contract b- Describe the Subject Matter of the Agreement c- State the Material Terms d- Integration or Merger Clause e- Signe the contract