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feetwet ♦
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Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

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feetwet ♦
feetwet ♦
  • 21.9k
  • 13
  • 85
  • 177

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

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Source Link
feetwet ♦
feetwet ♦
  • 21.9k
  • 13
  • 85
  • 177

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

Contracts are generally composed of:

  1. Offer and acceptance

This means the agreement of all parties to the same terms - where the terms are accepted with modifications, it is considered a counteroffer, and all other parties must agree to them. 2. Intention to be legally bound
3. Consideration

This is the exchange of something of value between the parties. This may be goods, services, a promise to do or abstain from acting.

Additionally:

  • The parties must have the capacity to enter into a contract
    Generally, this means that those deemed mentally incapable, such as children or those under the influence of drugs, will not be able to enter into binding contracts.
  • The form and purpose of the contract must be legal
  • The parties must consent

Canonical answers:

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feetwet ♦
feetwet ♦
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jimsug
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Jason Aller
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