Contracts - Research Article from Encyclopedia of Business and Finance

This encyclopedia article consists of approximately 8 pages of information about Contracts.
This section contains 2,346 words
(approx. 8 pages at 300 words per page)
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Formation of a Contract

A contract consists of one individual making an offer, another accepting the offer, and the existence of consideration between the contracting parties.

Offer

An offer is the expression of a willingness to enter into a bargain. An offer must be directed to a particular offeree and be sufficiently clear so as to justify another individual in the belief that acceptance of the offer would constitute an agreement. Although an offer need not set forth all terms of the potential bargain (even the price may be left to be later determined), a valid offer must identify the fundamental elements of the proposed agreement. An offer may be revoked at any time before it is accepted or before it is reasonably relied upon by another individual.

Acceptance

Acceptance of an offer is the communication by the offeree of mutual assent, that is, the agreement to be bound...

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This section contains 2,346 words
(approx. 8 pages at 300 words per page)
Buy the Contracts Encyclopedia Article
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Encyclopedia of Business and Finance
Contracts from Encyclopedia of Business and Finance. Copyright © 2001-2006 by Macmillan Reference USA, an imprint of the Gale Group. All rights reserved.
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