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Contracts for Your Business: A straightforward guide to contracts and legal agreements by Charles Boundy

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Chapter 1. Basics Contract

1.1 What is a contract?

In practical terms, a contract is a legally binding agreement.

This requires:

  • actual agreement on all the essential terms of the deal;
  • sufficient clarity and certainty as to those terms;
  • an agreed price or other exchange value (called ‘consideration’);
  • the intention to have a legal commitment.

For the sake of simplicity it is generally assumed that there are only two parties to the transactions referred to in this book. The same principles nevertheless broadly apply to multi-party contracts.

1.2 What about the need for agreement?

Reaching agreement – Agreement is arrived at by one party making an offer to do something for the other on stated terms and the other accepting ...

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