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| Business Contracts & Partnerships Oral and written contracts, corporate partnership, partnership agreements, transactions, disputes, litigation, etc. |
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Jul 3rd, 2008, 01:33 PM
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#1 |
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Contract question
What parts must a contract have?
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Jul 3rd, 2008, 01:47 PM
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#2 | |
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Veteran Member
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Nov 29th, 2008 05:56 PM Join Date: Nov 2006
Posts: 65
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Re: Contract question
Quote:
There is no one answer to that; an agreement can be a two sentence letter signed by both parties. Even oral agreements are binding. In common law, there are five key requirements for the creation of a contract. These are offer and acceptance (agreement), consideration--ie you give up something or pay, an intention to create legal relations, capacity (you are over 18 etc) and Formalities--some real estate and other contracts e.g. have to be in writing. Normally the contract has to be clear enough that it can be performed or it could be invalid, and an end date (termination) is included. Last edited by chicago : Jul 3rd, 2008 at 01:48 PM. |
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