A contract is essentially an enforceable promise - enforceable thru the legal system. In order for a promise to be enforceable, there are certain requirements which must exist. In order for this discussion to focus of Contract Formation, we will cover only three (3) general requirements of a contract.
Contract Element Number One: OFFER
In order for a contract to exist there must be an Offer. For example: "I offer to sale my 1986 Chevy C10 Truck for $500." Offers may be accepted, explicitly rejected, implicitly rejected, rescinded, or counter-offered. An Acceptance is covered below. When an offer is explicitly rejected, the offeree communicates this rejection to the offeror. An offer may also be implicitly rejected by lapse of time, or by the existence of some condition. An offer is rescinded when the offeror communicates to the offeree that the offer can no longer be accepted, or if the offeror executes the contract with another party. When an offeree counter-offers an offer, the offeree has essentially explicitly rejected the initial offer and made his/her own offer.
Contract Element Number Two: ACCEPTANCE
Contract Element Number Three: CONSIDERATION
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