Contract
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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.
The three basic elements of contract formation are:
- an offer
- acceptance
- legal consideration
Also, there must not be any defenses to contract formation.
A written contract concerning future performance usually includes these provisions:
Recitals of intent (usually in the form of "Whereas" clauses)
Payment terms
Term for the contract
Duties of each party
Rights of termination
Rights if there is a default
Limitation of Liability
Indemnification
Remedies
Force Majeure
Choice of law and jurisdiction for disputes
Arbitration
Merger
Severability
Disclaimer of Agency or employment relation