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A contract is a document binding two or more parties which when signed all parties within the contract have a legal obligation to for fill the duties said within the contract.
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| Submitted: Mon Jun 19 2006
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1) A contract is a document binding two or more parties which when signed all parties within the contract have a legal obligation to for fill the duties said within the contract. A contract must have four elements, offer, acceptance, consideration and the intention to create legal relations. A contract is only valid if both parties intend to make low abiding relations. In certain circumstances if you don't formally recognise consideration by both parties then it may not be valid. When people would like goods or services form other people contracts are a way of protecting the interests of your company. An ensuring a constant stream of custom to which you are guaranteed. When they are signed by both parties it ensures that the other party are legally obliged to do what the contract says. This is known as consideration: Adequate consideration is a benefit or detriment which a party receives which...
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