Contract law basics pdf

Elements of contract

Essential components of a contract

1. Offer.
The offer is a clear, specific, and voluntary opportunity provided by one party to another party.
2. Acceptance.
Next, contacts must include a clear acceptance of the offer.
3. Consideration.
The consideration of a contract is the value that is being provided.

What are the 4 basics of a contract?

For a contract to be legally binding, and therefore enforceable, it needs to satisfy four principles: offer, acceptance, consideration and the intention to create legal relations..

What are the 4 principles of contract law?

Contracts constantly vary in length, terms, and complexity.
But for an agreement to be legally valid and enforceable, several elements must be fulfilled: Legality, Capacity, Offer, Consideration, Intention, Certainty, and Acceptance..