A contract is a binding legal agreement that is enforceable in a court of law.…
An offer is an outward manifestation of intent to be bound by contractual agreement requiring definite and certain terms that are communicated to the offeree.…
An offer is defined as the manifestation of the “willingness to enter into a bargain so made as to justify another person in understanding that his assent to the bargain is invited and will conclude it.” There must be a definite, clearly stated offer to do something. An offer does not include ball park estimates, requests for proposals, expressions of interest, or letters of intent. An offer will lapse when the time for acceptance expires, if the offer is withdrawn before it is accepted, or after a reasonable time in the circumstances (generally the greater the value of the contract, the longer the life of the offer).…
A valid offer must clearly specify any term and circumstances that are pertinent to making an agreement. The offer must only provide the recipient with a clear opportunity to accept or reject the contract. No contract can come into existence if the terms of the offer are unclear or loose and indefinite.…
A contract is a document signed by the buyer and seller that serves as a legally-binding agreement that defines the terms, conditions, and remedies of the buyer-seller relationship.…
A contract is an agreement between parties that is enforceable by law (Melvin, 2012). Transactions conducted within the business world and by individuals that involve commitments to provide goods, services, or real property are usually in contract form. When one party makes an offer to another and they reach an agreement, a contract is formed. An agreement reached between the cooperating parties contains a promise, for example, one party agrees to sell a vehicle for $500 and the other party accepts and pays the money then receives the merchandise. This constitutes an acceptance of assent between parties showing that the parties agree with the terms offered. To ensure fairness of trade for goods and services, contracts are enacted between individuals in the event one party breaks their promise or breaches the contract.…
The elements of an agreement are an offer and an acceptance --one party offers a bargain to another, who accepts.…
Contract Law: A deliberate and complete agreement between two or more competent persons in writing supported by mutual consideration, to perform an act. It is enforceable in court.…
“All contracts are agreements, but not all agreements are contracts” (Luizzo, 2010, pg. 79). In business, contracts are used to employ people and to sell goods, and to sell services (Luizzo, 2010, pg. 79). For a contract to be enforceable legally it must contain certain elements. There must be an offer made to one party and acceptance by another party; there must be consideration; all involved must mutually agree; all parties must be competent; there must be proper…
A contract is a "promise" or an "agreement" that is enforced or recognized by the law, whether implied or expressed. There must be an agreement, which consists of an agreement, an intention to create legal relations, and consideration.…
A contract is a legally binding agreement or relationship that exists between two or more parties to do, or abstain from performing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties that the law will enforce. For a contract to be formed an offer made must be backed with an acceptance of which there must be consideration. Both parties involved must intend to create legal relation on a lawful matter which must be entered into freely and should be possible to perform.…
Contracts regardless if they are written or verbal have the same basic components. The four components are (1) Mutual assent, (2) Agreement, (3) Exchange, and (4) Non-violation of public law. If the key components of a contract are met they will be enforceable in a court of law. In modern society it is more commonplace for contracts to be written so all parties involved have legal documentation to support their case.…
An offer is defined by Treitel as "an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed", the "offeree". In addition, an offer is a statement of the terms on which the offeror is willing to be bound. When an offer has been made, it doesn’t means a contract has formed until the offeree accepts the offer.…
An offer is a firm undertaking to be bound in the every its terms are accepted by the other. It must be final, certain and unambiguous. There must be no further negotiations or discussion required.…
Offer and acceptance: A contract is formed when one party offer to another party, and accepted by another party. The offer must not be any forcible offer to any other person, offer must be free of consent.…