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Formation of a Contract

Formation of a Contract

a legally binding agreement made between two parties, usually to exchange goods, services or money. It can be made orally or in writing or even by actions alone. For a For valid contract to come into existence, there must be:

  • a clear offer made by one party to the other; and

  • a clear acceptance of the offer by the person to whom the offer was made; and

  • an exchange of consideration(this can be an actual exchange of goods, services or money or a promise to do so in the future); and

  • an intention by both parties to enter into a legal contract; and

  • an understanding by both parties of what they are agreeing to.

Unless all five are present, a legally enforceable contract will not be created.


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