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- The 5 conditions of an offer are12:
- An offer
- Acceptance
- Consideration
- Mutuality of obligation
- Competency and capacity
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The 5 elements of a legally binding contract are made up of:
- An offer.
- Acceptance,
- Consideration.
- Mutuality of obligation.
www.upcounsel.com/5-elements-of-a-legally-bindin…If your offer includes terms such as quantity, price, quality, and place and time of delivery, the court may find that you have indeed made an offer.www.upcounsel.com/what-is-an-offer-in-law-of-cont… - People also ask
- 1. Definite quantity contract: This is an agreement that one party will deliver spe…
- 2. Firm-fixed-price contract: This is an agreement in which a contract receives …
- 3. Fixed-price contract: This is an agreement with adjust… See more
Considerationis the value that each party brings to a contract. This might be monetary, or it may take the form of a promise to carry out a particular act. Performing an act … See more
An offer is a verbal or written promiseto take some action or to refrain from acting in exchange for a set of agreed upon terms. Verbal offers … See more
Just as offers can be verbal (though it's not recommended), acceptance can also be done verbally. In business contracts, the terms are almost … See more
The mutuality of obligation is the binding agreement between the parties to the terms of consideration. If one party holds more leverage, such … See more
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WebJan 9, 2024 · The offeree (the party to whom the offer is made) must accept the offer for a contract to be formed. Acceptance is the expression or action that the offeree agrees to …
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