Original Source: UTSA

“Contract Law 101

A contract is an agreement between two parties that creates an obligation to perform (or not perform) a particular duty.

A legally enforceable contract requires the following elements:

An Offer (I’ll mow your lawn this weekend if you pay me $40)

An Acceptance (You’ve got a deal)

Mutual Consideration (the value received and given – the money and the lawn mowed)

Legal Parties (no minors)*

Lega Purpose **…”

https://www.utsa.edu/bco/resources/contract-law-101.html

Contributors: Open Source
Categories: Industry Articles, SIG U Resource
SRC Type: Contract Development, Contract Management, Sourcing, Sourcing Management