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The four most important things to include in a contract are the parties' names, the contract subject, the timeframe, and the price cost. A contract is a mutual agreement between the two parties included in the contract. An offer in contract law is expressing the desire to enter into a contract. It must be made with the intentions that the offer will become binding as soon as the offer is accepted. An offer can be revoked anytime before.....
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Wiki User
∙ 12y ago
Wiki User
∙ 11y ago- A valid offer generally has several basic elements
1. There must be genuine intent to contract
2. It must be communicated to the acquirer
3. It must be certain and definitive in its terms and conditions
- And, as we said earlier
4. Both parties must be free of duress one from another
- I.e. the contract can be entered into voluntarily
- If these conditions are not met
- All or part of the contract may be invalid
Wiki User
∙ 11y agoFormation of a valid contract requires four basic elements: (1) there must be an agreement between the parties, formed by an offer and acceptance: (2) the parties' promises must be supported by something of value, known as consideration; (3) both parties must have the capacity to enter into a contract; and (4) the contract must have a legal purpose. This small informal interaction possesses all of the requisite elements to constitute a binding contract.
- An offer is a manifestation of willingness to enter into a bargain that justifies another person in understanding that is or her assent will conclude the bargain. An offer is effective if (1) the offeror has an intention to be bound by the offer, (2) the terms of the offer are reasonably definite, and (3) the offer is communicated to the offeree.
- Acceptance is a response by the person receiving the offer that indicates willingness to enter into the agreement proposed in the offer. Both offer and acceptance can be oral, written, or implied by conduct.
- In addition to offer and acceptance, formation of a valid contract requires that each side provide something of value, known as consideration, which can be money, an object, a service, a promise, or giving up the right to do something.
A valid contract also requires that both parties possess the capacity to enter into an agreement. Capacity is a legal term that refers to a person's ability to understand the nature and effect of an agreement. Rule of thumb, don't make contracts with the mentally incompetent or kids.
Contracts must have a legal purpose. Contracts that are contrary to a statute or to a public policy are illegal and are generally considered void-that is, they are not valid contracts.
Wiki User
∙ 11y agooffer and acceptance
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What are the essential ingredients of valid bailment?
Agreement Delivery of goods movable property Definite purpose Return or disposal of the specific goods Essential of valid contract Ownership not transferred
What is valid contarct?
A valid contract is an agreement enforceable by law. A Valid Contract is defined under Sec 2(h) of the Indian Contract Act, of 1872. To know the essential features of forming a valid contract, please refer to Desire 4 Legal Knowledge
What is the Difference between valid and void contract?
valid contract is one which satisfies all the condition of contract.on the other hand void contract is one which ceases to be enforceable by law.
What are the examples of essentialia of a contract?
valid contract
Should court enforce all contracts?
There are Essential elements for valid contract, contract can be either by writing or orally. Literal and Unilateral contract are both enforceable contract under mistake example at common law are likely to be declare null and void, but equity may apply flexible measures like specific performance, injunction, rectification etc. Contract with a minor is valid and may enforce if its necessary for their necessity. Contract for illegal activities are non enforceable.
If an item line of a contract is changed and not initialed by both party's is it still a valid contract?
No. It is no longer valid.
How can misrepresentation affect a valid contract?
When someone is induced into entering into a contract as a result of a false statement.
What are vitiating factors?
vitiating factors are elements of duress, mistake, misrepresentation, and is a essential element of a valid contract it is recognized in common law that a party might have been coerced, or pressed into a contract. the resulting contract cannot be regarded as a true agreement between the parties.
Explain the elements of a valid contract?
Valid elements of a contract include both parties signatures. A contract must also include both parties agreeing on the terms of the contract.
Is money lending a valid contract?
It depends on the contract If you are borrowing from a bank or other valid institution I will guaranty the contract will be valid and enforceable. If you are borrowing from your local loan shark, the "contract" may not be valid, but do you want to take the chance?
If the signatories to a contract change is the original contract still valid?
The contract technically isn't valid if the name has changed. You should resign a contract if you would like to continue the business relationship.
Is viodable contract is a type of valid contract?
Yes: It is a valid contract in the beginning but subsequently it changes into voidable contract due to some uncertain reasons. For example; A person do contract to B person that he will give some garments importing from London and the B accepts it, after it in the way some thing happen and the product is destroyed then a valid contract will be change in a voidable contract.
