8. Contracts Flashcards
1
Q
What is a contract?
A
A legally binding agreement between two or more parties.
2
Q
Name the three phases required for concluding a contract.
A
- Negotiation
- Conclusion
- Performance
3
Q
How is an offer defined?
A
An offer is a declaration that contains all relevant aspects of the intended agreement and ban be accepted by a simple “yes”
(Cannot be revoked)
4
Q
What are the 2 elements required for concluding a contract?
A
Exchange of two declarations:
- an offer
- the acceptance of that offer
