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Six basic requirements that lead to the formation of a contract?
Anonymous
Feb 22
Six basic requirements that lead to the formation of a contract?
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Feb 22
1. Offer: One party must make a clear and definite proposal to enter into a contract.
2. Acceptance: The other party must agree to the terms of the offer without any changes or modifications.
3. Consideration: Both parties must exchange something of value, such as money, goods, or services, as part of the contract.
4. Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of sound mind and of legal age.
5. Intent: Both parties must have a genuine intention to create a legally binding agreement.
6. Legal purpose: The contract must be for a lawful purpose and not violate any laws or public policy.
2. Acceptance: The other party must agree to the terms of the offer without any changes or modifications.
3. Consideration: Both parties must exchange something of value, such as money, goods, or services, as part of the contract.
4. Capacity: Both parties must have the legal capacity to enter into a contract, meaning they must be of sound mind and of legal age.
5. Intent: Both parties must have a genuine intention to create a legally binding agreement.
6. Legal purpose: The contract must be for a lawful purpose and not violate any laws or public policy.
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