A meeting of the minds between two or more parties on a particular issue or matter.
A contract that is not legally enforceable.
A contract for owners who want to let other businesses use their assets while being compensated fairly.
All contracts are agreements, but not all agreements are contracts.
Offer: One party makes a proposal indicating a willingness to enter into a contract.
Both parties exchange something of value, such as products or services.
To ensure that the agreement can be upheld in a court of law.
A contract that covers all employee relationships and offers legal protection for both sides.
A contract for the purchase of a used car.
To limit how the licensed 'thing' is used while ensuring fair compensation.
No, unless it meets the criteria to be a contract.
Rate of pay and duration of work.
The purpose of the contract must be legal and not against public policy.
To define the terms and conditions of the agreement.
It specifies the expectations of each party involved.
A mutual understanding between two or more parties about their relative rights and responsibilities.
Capacity: The parties must have the legal capacity to enter into a contract.
It provides a framework for resolving disputes that may arise.
When one party is forced to enter into a contract under threat of physical harm.
To protect the interests of each party involved in the agreement.
A contract that is considered to have no legal effect from the very beginning.
A legally binding agreement between two or more parties.
The rights and obligations of each party.
It creates legal obligations that each side must adhere to.
It provides a legal framework to enforce their rights and obligations.
No, it may not be legally binding depending on the circumstances and the intent of the parties.
A sale agreement that transfers a piece of property from one party to another.
It must contain an offer, acceptance, consideration, and mutual intent to be bound.
Signing an employment agreement when starting a job.
By defining how the relationship will proceed.
A contract that is initially valid but can later be declared void by one or more of the parties involved.
It is considered to have no legal effect from the very beginning.
If it is contrary or against public policy.
Lack of capacity, if one party lacks the legal capacity to enter into a contract.
If it is illegal, such as a contract to sell an illegal product.
Trademarks, patents, or copyrights.
A contract that is initially valid and enforceable but can be declared void by one or more parties involved.
The parties must intend for the contract to have legal consequences.
A legal agreement that involves a business, such as buying or selling a business or a partnership agreement.
The parties must freely and voluntarily agree to the terms of the contract.
The terms of the contract must be clear and specific.
If one party makes a false statement that influences the other party to enter into the contract, it may be voidable.
By outlining terms that help manage uncertainties that may arise during the relationship.
A legally binding agreement between two or more parties that outlines the terms and conditions of their agreement.
The other party agrees to the offer and indicates acceptance of the terms and conditions.
By clearly spelling out the obligations and responsibilities of each party.
