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There are 3 key principles which make a contract valid.
1. Offer - a good or a service needs to be offered.
2. Acceptance - the buyer must be willing to have what is being offered
3. Consideration - the amount the buyer is willing to give in exchange for the good or service in the offer.
Other secondary principles are often mentioned, such as ability to contact i.e. being of legal age, sound mind etc.
There is no necessity for a contract to be written to make it legal. If the 3 conditions exist, then the contract is legal. However, in cases of potential dispute, it is always easier to have a written copy, signed by all parties confirming the above principles.
What else can I help you with?
Who are the main parties involved?
The main parties to a contract are the people who sign the contract. Each party that signs the contract is bound by everything written in the contract.
What is the main terms of contract?
contract is contract
What are the main sections of a income statement?
Following are main sections:1 - Trading account2 - profit and loss account.
A sonata has four main sections?
False.
What is the spiders two main sections?
abdomen
What are the main sections of a keyboard?
The home row is the main section of a keyboard, it is the middle row of the keyboard.
What sections is responsibe for contract negotiations and monitoring?
Contract negotiations are normally conducted between the Firefighters/Police/EMS' unions and the City or District management.
What were the two main sections of the US in the early 1800?
The North and the South were the two main sections of the US in the early 1800s up to the point of the Civil War.
What are the components of construction contract software?
Construction contract software is often multifaceted and includes sections for both the business and payment aspect of the construction contract as well as the plans and human resources aspect.
What are the main body sections of arachnids?
head and abdomen.
What are two main sections of the heart?
veins and arteries
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.
