Tuesday, 5 April 2011

How Contracts or Agreements Formed? [Contract Law 101]

How Contracts or Agreements Formed? [Contract Law 101]
It is known that any contract require two consents that issued from – at least - two parties to be joined together for the purpose of its conclusion. This is the main key to understand the substantive rule regarding the conclusion of any contract or agreement.
On the other hand, there are some important basics that you should know to be able to understand how to conclude a contract and how to understand its process. In doing so, you have to be familiar with some meanings that returned to the legal structure of any contract, which are:
Ø  The Identification part:
Any contract must include an identification part in its form; this part contains parties’ names, address, contacts and the nature of their business or any other status of contract parties
Ø  The Body:
In this part the parties shall provide the main rules that they agreed on. Which cover contract purposes, conditions, process, rights and obligations, protection, privacy, notifications, restrictions, dispute resolutions, delivery, payments and such like so
Ø  The Authentication part:
Finally, any contract should end with parties’ names, address, date and most importantly their signatures in additional to witnesses’ approval (signatures)
Therefore, if you have understand these elements, then you can easily understand the basics rules of contracting without any need to legal consultant
Mohammad Al-Thunibat

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