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Contract (view source)

Revision as of 23:06, July 13, 2007

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A contract is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.
 
A contract is a promise made enforceable by law, usually because the beneficiary of the promise agreed to do something in return for it.
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Explained in another way, contract is an agreement between two or more persons which creates an obligation to do or not to do a particular thing. A legally enforceable agreement between two or more competent parties made either orally or in writing.
    
The three basic elements of contract formation are:
 
The three basic elements of contract formation are:
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<br>Disclaimer of Agency or employment relation
 
<br>Disclaimer of Agency or employment relation
 
[[Category:law]]
 
[[Category:law]]
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[[category:legal terms]]
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