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8. Contracts Flashcards

(4 cards)

1
Q

What is a contract?

A

A legally binding agreement between two or more parties.

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2
Q

Name the three phases required for concluding a contract.

A
  • Negotiation
  • Conclusion
  • Performance
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3
Q

How is an offer defined?

A

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)

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4
Q

What are the 2 elements required for concluding a contract?

A

Exchange of two declarations:

  • an offer
  • the acceptance of that offer
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