Ads
related to: legally binding contracts for dummiesrocketlawyer.com has been visited by 100K+ users in the past month
A+ Rating - Better Business Bureau
- Business Formations
Protect Your Assets.
Make Your New Venture Official.
- Save With Rocket Legal+
One Membership For Everything Legal
The Membership That Pays For Itself
- Business Formations
Search results
Results from the WOW.Com Content Network
A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract.
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
If the contract is not required by law to be written, an oral contract is generally valid and legally binding. [58] The United Kingdom has since replaced the original Statute of Frauds, but written contracts are still required for various circumstances such as land (through the Law of Property Act 1925).
A legally binding contract is defined as an exchange of promises or an agreement between parties that the law will enforce, and there is an underlying presumption for commercial agreements that parties intend to be legally bound (Contracts 2007). In order to be a legally binding contract, most contracts must contain two elements:
A contract will be formed (assuming the other requirements for a legally binding contract are met) when the parties give objective manifestation of an intent to form the contract. Because offer and acceptance are necessarily intertwined, in California (US), offer and acceptance are analyzed together as subelements of a single element, known ...
Ads
related to: legally binding contracts for dummiesrocketlawyer.com has been visited by 100K+ users in the past month
A+ Rating - Better Business Bureau