Formation of contract - law of contract, Business Law and Ethics

Formation of Contract - Law of Contract

However a legally binding agreement prepared between two or persons or more parties.  Whereas it has also been explained as a promise or promise set for the breach of that the law provides a remedy and so the performance of that such the law recognizes as an obligation.Conversely all contracts are agreements although all agreements are not the contracts.  Therefore this is just because a contract imposes upon the parties legally binding of such obligations.

However a contract comes by existence whenever an offer through one party is unequivocally accepted through another such both parties must have the requisite capacity and so some consideration must bypass between them.  Moreover the parties must have intended to create legal relations or bonding and the purpose of the agreement must have been legal.  Next there any requisite legal formalities might comply with.

Posted Date: 1/22/2013 1:23:07 AM | Location : United States

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