Essential Elements of a Contract - Overview: what is a contract?
6 important questions on Essential Elements of a Contract - Overview: what is a contract?
What is a contract?
- A binding legal obligation between two or more parties
- Enforceable in a court of law
- Involve the principles of offer, acceptance, and consideration
- Principles vary from one country to another
- one party makes an offer and the other party accepts it
- The offer and the acceptance have to match for the contract to be formalized
When becomes a tender a contract?
- The customer signs it
- The customer places an order on the terms of the seller's offer
In what different ways is a contract established?
- a contract may be established via a series of faxes,
- an exchange of messages between computers,
- an oral agreement during contact at a trade fair
- through the actions of the parties as if a contract is in place as referred to as through performance.
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What is the acceptance of a contract?
--> known as the 'battle of the forms'.
Which agreement will rule in court in case of a dispute?
Which terms and conditions are applicable with a contract?
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