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An acceptance is a response to the offeree that indicated that they approve of the terms of the offer. Once an offer is accepted, a legally binding contract is created. An acceptance must be intentionally made. The offeree must communicate to the offeror that they agree with the terms of the proposed contract. Both parties must be mentally competent for a contract to be legally binding. The contract also cannot contain anything unlawful; otherwise it is also not considered a valid contract. The communication of the acceptance of an offer can be bilateral or unilateral.
http://sincerlysamski.blogspot.com/2011/09/writing-valid-contracts.html
Wiki User
∙ 12y ago
Wiki User
∙ 11y agoparties of competent to contract
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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 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.
Can you get out of a contract?
If both parties are in agreement to the terms. Otherwise any written contract, signed by both parties, must be kept.
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.
Can you explain 'offer' as used in components of a contract?
Any legally binding agreement voluntarily entered into by two or more parties that places an obligation on each party to do or not do something for one or more of the other parties and that gives each party the right to demand the performance of whatever is promised to them by the other parties. To be valid, all parties must be legally competent to enter a contract, neither the objective nor any of the obligations or promised performances may be illegal, mutuality of the agreement and of its obligations must exist, and there must be consideration. See also acceptance, offer, privity, tender, breach of contract, and bargain.
How must a sealed contract be executed?
Contract must be properly signed and witnessed as to make it enforceable to all parties
Intention element of a contract of sale?
the intention by both parties to the contract must have the intention to enter into a contract.
What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
Who is authorized to make changes to an existing contract?
All parties to the contract must make any changes in writing and signed by all parties.
The assent of parties to a contract must be voluntary?
Yes, this is true
What are the chief characteristics of a contract explain them?
contract is 1. an agreement having 2. force of law. these two are important. but it may also include lawful consideration, free consent of parties, lawful objecctand apties must be competent to contarct . this creats a valid contract. otherwise it may become viod contract or voidable contrac. . . . madeeha_kanwal
The difference between a simple and specialty contract?
A simple contract can be made orally, in writing or by the implications deemed from the actions of the parties. A specialty contract must be signed by the parties sealed, for example with a company seal and finally it must be delivered.
