Law

LAW

What is a Contract?

A contract is termed as an agreement that is

Normally entered into a legal form by two or more than two parties voluntarily along with an intention of forming or creating any kind of a legal obligation which may have certain kinds of elements that should be in writing, whereas contracts can be made orally as well. A contract as mentioned earlier is a legal form of conducting a business between two or more parties and for this particular purpose certain legal obligations are also required. Contracts can be in written form as well as in oral form but, they should follow each and every requirement of a legal contract else will not be treated as a contract. In this case; there are different situations of a contract that are oral as well as written. But here one main question is to see which contract is valid and how to go with that in an orderly manner. As per the rules and regulations decided by the courts of law, every contract should be followed in an orderly manner in order to generate effective outcomes and also to make a strong business relationship as well.

A contract can be as mentioned above in a written or oral form but along with this it should be in a proper format as well. If both the parties agreed with the legal documentation and methods, then only that contract is termed as valid else it will not be termed as a valid contract.

Legal Requirements for the formation of the contract

Forming a contract is termed as a difficult task but it can be turned in an easy manner as well if every single element is properly followed in an orderly manner. In order to form a contract below mentioned elements should always be there:

A proper agreement

Consideration

An agreement is a state of conduct that tells which parties are being involved into a business, what will be their code of conduct and what will be the legal obligations. Along with this, consideration is another important element that is related to the exchange of goods. It can be either goods or services but there should be something that is related with the exchange of any good or service. If between any parties there is an agreement along with a proper consideration, then only it is termed as a valid contract and will be treated accordingly. In this case, there is an agreement but not followed in a proper manner and the consideration is the car whish is on sale. Therefore, agreement and consideration both are termed as important elements and should be followed properly.

In order to form a valid contract, every legal requirement should be properly followed so that best possible outcomes can be generated.

What is meant by Valid Offer?

A valid offer comprises of below mentioned basic elements:

Genuine and authentic intention towards the contract should be present

Proper communication shall be done to the acquirer as well

Proper terms as well as conditions shall be discusses and all of them ...