As you may know, a
legally binding
contract requires several necessary elements: offer, acceptance, parties who have the legal capacity to
contract (minors under 18 years old and people who are mentally incompetent do not have the legal capacity to enter into
contracts), lawful subject matter, mutuality of agreement, valuable consideration, mutuality of obligation, and, in many cases, a writing.
Glossary of commonly used phrases in contract law
- Acceptance of goods/services As soon as goods/services have been delivered, any problems should be notified to the supplier immediately. ...
More itemsA contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are:
mutual assent, expressed by a valid offer and acceptance; adequate consideration ; capacity; and legality.A contract is an
agreement between parties that can be legally enforced by a court. The formation of a contract requires an offer, acceptance, mutual assent, and consideration. Once a contract is formed, the parties to the contract are bound by its terms. A breach occurs when a party fails to uphold their side of the contractual agreement.A
contractual term is a "provision forming part of a contract". Each term gives rise to a contractual obligation, breach of which can give rise to litigation. Not all terms are stated expressly, and terms carry different legal weight depending on how central they are to the objectives of the contract.
