Characteristics Of An Agreement

Counterpart: This is the value that one party gives to another party in exchange for the service or product. There may be money or some other type of benefit. Without consideration, people generally do not enter into a simple contract. . Contractual capacity: both parties should be able to be approved, otherwise the contract will be annigible. Contractors must be 18 years of age or older, healthy or stable, not under the influence of drugs or alcohol and not be locked up. For example, an adult cannot enter into a contract with a minor, or a person cannot enter into an agreement with a person with a mental illness or a dependent person. Definition: In legal language, the term “agreement” is used as a promise/commitment or as a series of reciprocal promises that represent a consideration for the contracting parties. A legal contract is an enforceable agreement between two or more parties. It can be verbal or written. To be a legal contract, a contract must have the following five characteristics: Conditions: It is highly recommended to make a written contract. In the event of a breach of contract, you therefore have a physical copy and the party that suffers is protected. The simple contract must contain the conditions and conditions that each party must meet.

It should provide details on services, money, data, timetable and all clauses. For example, an agreement between a tenant and a landlord, the tenant pays the landlord a certain amount over a certain period of time, while the landlord makes a property available to the tenant. In this regard, the contracting party to which the offer is submitted or proposed consents to mutual consideration, the offer being deemed accepted, resulting in a commitment. The term “agreement” is broader than “contract” because “any contract is an agreement, but conversely, it is not possible.” Indeed, all contracts contain the elements of the agreement, i.e. supply and acceptance, but not all agreements contain the main element that constitutes a contract, that is, legal applicability. So we can say that any agreement is not a contract. Counterpart: This is the value that one party gives to another party in exchange for a service or product, often money. This is one of the most important aspects of a treaty and, without regard, people generally do not enter into a binding agreement.

3) Completeness: on the basis of security, a contract should answer all questions relating to the transaction and be in itself (i.e. there is no clarification to be made).