contract | Wex | US Law | LII / Legal …
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Contract Law: Basic Principles (privity, novation, termination) A contract is an agreement between parties, creating mutual obligations that are enforceable by law. A valid legal contract must not violate public policy, all parties must consent, and all parties must understand and agree to the terms. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. To make a legally binding contract, 5 elements must be satisfied: offer, acceptance, consideration, intention and capacity. Legal principles apply to govern the legal relationship after a contract is formed. Basic Rules of Contract law After a contract is formed, legal principles apply to govern the legal relationship. ...
A contract is an agreement between parties, creating mutual obligations that are enforceable by law.
A valid legal contract must not violate public policy, all parties must consent, and all parties must understand and agree to the terms.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
To make a legally binding contract, 5 elements must be satisfied: offer, acceptance, consideration, intention and capacity.
Legal principles apply to govern the legal relationship after a contract is formed.
Basic Rules of Contract law After a contract is formed, legal principles apply to govern the legal relationship. ...
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