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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
What else can I help you with?
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.
How must a sealed contract be executed?
Contract must be properly signed and witnessed as to make it enforceable to all parties
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.
Intention element of a contract of sale?
the intention by both parties to the contract must have the intention to enter into a contract.
Explain the elements of a valid contract?
For a contract to be valid, it must contain an offer, acceptance of that offer, consideration (something of value exchanged), legal capacity of the parties involved, and a lawful purpose. Additionally, the agreement must be made by parties who have the intention to create a legally binding relationship.
What is Mutuality of obligation?
Idea that both parties of a contract must be bound for contract to be enforceable
The assent of parties to a contract must be voluntary?
Yes, this is true
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.
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
What are the 5 most important parts of a contract?
Offer and acceptance: One party must make an offer, and the other party must accept it. Consideration: Both parties must receive something of value in exchange for what is promised in the contract. Legal purpose: The contract must not involve anything illegal or against public policy. Capacity: Both parties must have the legal capacity to enter into a contract. Mutual assent: Both parties must agree to the terms of the contract willingly and with a clear understanding of what is expected.
