8. Contracts Flashcards
(4 cards)
What is a contract?
A legally binding agreement between two or more parties.
Name the three phases required for concluding a contract.
- Negotiation
- Conclusion
- Performance
How is an offer defined?
An offer is a declaration that contains all relevant aspects of the intended agreement and ban be accepted by a simple “yes”
(Cannot be revoked)
What are the 2 elements required for concluding a contract?
Exchange of two declarations:
- an offer
- the acceptance of that offer