All contracts begin when a person or a company proposes a deal. It might involve buying something, selling something, doing a job or anything else. But only proposals made in certain ways amount to a legally recognized offer.
Certain kinds of trickery and force can prevent the formation of a contract.
The Parties must be adults of sound mind
A contract where both parties make a promise
An agreement that neither party may legally enforce.
A agreement with all important terms explicitly stated
A doctrine in which a court may enforce a promise made by the defendant even when there is no contract.
The party in contract negotiations who receives the first offer.
When something is sought by the promisor and given by the promisees in exchange for their promises.
To give notice of refusal to be bound by an agreement.
Requires certain contracts to be writing
Statute of Frauds
Contracts can not be a one-way street; both sides must receive some measurable benefits.
The contract must be for a lawful purpose.
A contract that satisfies all the law's requirements
Things that are movable, other than money and investment securities.
Cancellation of the offer.
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