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Anti- Buylling

In: Other Topics

Submitted By cortneyhagen
Words 645
Pages 3
Auctioning

Cortney Hagen
BUSN150-1102B-26
June 25, 2011

Abstract

Many business use advertising and confuse it with offers which can cause them to get into trouble, dealing with court. To stay out of trouble make sure that you follow the four rules of a contract. There are many customers that can also imply an advertisement a certain way, make sure to be very clear on your advertising as well as what your company is offering.

A contract is an agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation. A valid contract typically requires the following four elements; a meeting of the minds between the parties demonstrating they both understand and agree to the essentials of the deal. By making sure both parties are talking about the same deal, so that when they subsequently agree to enter into the contract they are both agreeing to the same thing. Secondly: consideration meaning something of value exchanged by each of the parties, such as cash, goods or a promise to do something, But consideration can take many other forms, as long as each party is giving up something of value to it to convince the other party to enter into the contract.. The Third part of a contract is an agreement to enter into the contract typically evidenced by both parties signing a written contract, although oral contracts can be valid too in some situations. Lastly in a contract, the legal competence of each party, meaning the parties are not minors and are of sound mind, Persons who lack authority (Legal Requirements of a Contract, 1999). When signing the contract though be sure that the party you're working with is legally suitable to enter into a contract. Otherwise your signed contract may be ineffective. The contract theory is the legal concept that a binding agreement

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