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A contract (either written or verbal) has THREE requirements to be valid.

1) An offer

2) An acceptance of the offer

3) A payment, or other thing of value, actually changing hands validating the agreement.

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15y ago

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Related Questions

Can I reject a job offer I have already accepted?

If a person has accepted a job, but then decided to not work at the business, you can reject then job offer. It is best to contact the hiring manager and explain why you will be rejecting the offer.


What is the present tense of the word accept?

Accept is the present tense. Past tense would be accepted. ie. "I accept your offer" vs. "I accepted your offer".


Can you change the down payment amount after an offer is accepted?

In most cases, the down payment amount cannot be changed after an offer is accepted. It is typically a fixed amount agreed upon in the initial offer.


If a verbal offer has been extended and accepted can it be revoked?

An offer that has been accepted becomes an agreement between both the parties and hence cannot be revoked unless it is in writing


Sam Houston accepted Mexico's offer of land in Texas and led settlers into the state to begin a new life.?

False. It was Stephen Austin who accepted Mexico's offer of land.


Did Sam Houston accepted Mexico's offer of land in Texas and led settlers into the state to begin a new life?

False. It was Stephen Austin who accepted Mexico's offer of land.


What is offer in contract?

An offer in its shortest form is basically an invitation to contract.


How is drake young money?

He was invited in to the group and he accepted the offer


What is the difference between an invitation to treat and an offer in the context of contract law?

In contract law, an invitation to treat is an invitation for someone to make an offer, while an offer is a specific proposal that, if accepted, forms a legally binding contract. An invitation to treat is not binding, but an offer can be accepted to create a contract.


What does it mean when the offeror agree to keep an offer open?

It means the offer hasn't expired yet and can still be accepted.


An offer to form a unilateral contract is accepted by a promise to perform?

Yes


Can promissory note be used as escrow deposit?

You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.You need to check the practices in your area. In some areas promissory notes are accepted but must be paid the same day the offer is accepted. Most people want a cash deposit.

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