According to common law, contract is an agreement between 2 parties that creates one or more lawful obligation to perform a particular duty. Under this agreement there are some requirements and they are mentioned below.
An Offer: This is the key which defines the agreement as a contract and it’s issues, the offer need to be properly communicated between both the parties and the obligations has to be void between both the parties, the offering party makes the offer by mentioning all the terms and conditions while only recipient has the right to accept or not to accept the offer. There are some elements of an offer which has been reviewed by the court are as follows.
An Acceptance: The acceptance comes just after the offer without offer there is no existence of acceptance, so for an acceptance there is a need of an offer, for an acceptance the offer need to be valid and the acceptance must be unequivocal and unqualified. We can termed it as “mirror image” rule, because offer is necessary for the acceptance.
Consideration: This is the final step of a contract and it finalizes means gives the final touch to any contract, under this situation the parties need to exchange something which contains a value, the consideration needs to be mutual means both the parties receive and give something valuable.
What GS Bagga and Associates do in Case of Contractual Matters?
Contractual matters can be of various types and therefore every type requires a certain kind of process and action, we are mentioning here some of those types and the actions that we need to cope up with those certain matters.
How to Reach Us
If anyone you know is get victimize in a case of any type of contractual matter, then assist them to get our consultation by contacting us by calling us on either +91-11-43510775 or +91-9213782334 or just e-mail us at [email protected]