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In order for a contract to be legally binding both parties must provide some sort of consideration EG: in the supermarket you hand over money (your consideration) for food (their consideration).
In law this consideration is described as benefitting one party, whilst being a detriment to the other party. So in the supermarket you suffer the detriment of handing over your money, and they suffer the detriment of handing over their food, but both parties also make a gain.
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∙ 13y ago
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What is a consideration of a contract?
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
Is a multi year contract legal?
ANY contract is legal as long as both parties agree to the terms
Legal sufficiency depends not on whether one of the parties suffered a detriment in some way but on the value of the?
the values of the consideration.
What is reformation of contract?
Reformation of a contract is a legal process that occurs when the terms of a contract are misinterpreted by all parties involved. The contract is changed to match what the parties meant for it to say.
Is a contract legal if there is only 1 legal entity involved?
For a contract to be enforceable, it must be legal. Therefore, if one of the parties signing the contract is not authorized to do so, the contract would be void.
Legal detriment in the context of consideration mean?
Legal detriment means that the person who was promised something has acted based on the promise and has suffered some foreseeable harm. In such a case, the contract is enforceable even if there was no consideration.
What a legal age to entre in a contract in bc?
A contract is considered in good-standing when all parties are eighteen or older, and all parties are mentally competent to make reasonable decisions.
What is ordinary contract?
At its essence, an ordinary contract is a legal agreement between parties that forms obligations on both sides. Such contracts can be binding on the parties in both written and oral forms, though it is much easier to prove the terms of a written contract in the event things go awry. The main criteria for an ordinary contract is that both parties have the capacity to enter a legal agreement. A contract with a child or an incompetent adult would not be enforceable.
Is contract legal if only has a cosigner?
no...only two parties are required to make a contract, a cosigner is only required in special cases.
What are the five elements which must be present in a contract to make it valid?
Agreement Consideration Legal Object Competent Parties Legal Form
What type of authority is written in a contract?
A contract is an agreement between two or more parties. Some are not legally enforceable. Such rules and laws will be embodied in the legal code of the country. A contract may not be legally enforceable but may a be moral or ethical matter for the parties involved. Countries have different regulations for contracts. For instance, some countries insist that all parties are of legal age (for that country).
What is the explanation for the elements of legal contracts?
There are 4 elements to a legal contract. One is the accepted disagreement clause. It ensures that, to be a contract, both parties must be in full agreement. The rest are the 12dwarf clauses, and the Eugoogley element.
