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Characteristics of Contract

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Characteristics of Contract

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  1. CHARACTERISTICS OF A SIMPLE AGREEMENT CONTRACT Legaldjinn 01

  2. Introduction A simple contract is an agreement made by two business parties or persons. This agreement can be a written one or an oral one. There must be an offer, consideration, and acceptance to make it valid. 02

  3. Legaldjinn It’s advisable to have a written contract rather than a verbal one. 03

  4. 1 There must be offer and acceptance. The offerer is the party that makes the offer and the offeree is the person that the offer is being made to. There must a clear offer and clear acceptance for a contract to be binding. 2 Consideration Is the price paid by one party for the promise of the other. Thus if one party promises to provide goods or services, something of value must be given in exchange. This may be in the form of money, goods, services or it may be an act of forbearance. 3 The capacity to contract Parties to the contract must be over 18 years, of sound mind, not under the influence of drungs or imprisoned

  5. 4 There must be no force, misrepresentation or fraud Persons should not be forced to sign a contract e.g blackmail. They should not be lied to giving the wrong year. Fraud may involve forging someone's signature. There must be an obvious intention to create legal relations 5 This is based on the actions of the parties eg. offer, acceptance, and consideration. 6 A contract must be legal Thus, agreements made between parties concerning illegal drugs and any other illegal activity is not a contract

  6. Who we are and What we do? Legal Djinn is India’s most trusted platform for High Quality, Professionally Drafted, Do-It-Yourself legal agreement, contract, documents and letter templates. These templates are easy to access, edit and use, and come with detailed, step by step instructions. For more information, you can visit our website ‘www.legaldjinn.com’. Legaldjinn 05

  7. Make it easy! Legaldjinn Visit us @ www.legaldjinn.com Our Professionally designed affordable agreement templates will help you to protect your legal rights by saving your time. Agreements in the simplified form! 06

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