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Tom agrees to the proposal. Due to the inclusion of an offer and an acceptance, this agreement is enforceable.
What are the Features of a Valid Contract?
Knowing the features of a valid contract is an important part of entering into any agreement
1. Offer and Acceptance
2. Intention to Create Legal Relationship
3. Lawful Consideration
4. Certainty and Possibility of Performance
5. Proving a Contract
6. Enforceability of a Contract
What is Offer and Acceptance?
In essence, when an offer is accepted, a contract is created. This makes it crucial that the offer is delivered to the offeree in a way that is obvious, certain, and definitive. The first proposal becomes a contract after it is accepted. Both parties must be in accord with the agreement and must accept all of its terms. It's crucial to keep the following in mind when making and accepting offers:
• Before acceptance takes place, offers may be withdrawn at any time.
The acceptance must be for the offer given; otherwise, it will be seen as a counter-offer. The acceptance of an agreement takes place when it is received.
Offers must be distinguishable from invitations so the other party knows they are entering into a contract.
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