How a Contract Is Formed (Offer and Acceptance)
Offer and acceptance
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How a Contract Is Formed
When is a contract actually formed? The key is an offer and an acceptance.
① The Offer
First, one party presents the terms of a contract and proposes them to the other. This is called an offer.
② Acceptance
When the other party accepts it, both sides agree, and a contract is formed.
Verbal Deals Count
Even without a written contract, as a rule, a verbal promise forms a contract. However, the law requires some contracts to be in writing.
A Duty to Keep It
Once a contract is formed, both sides must keep their promises. In a sale, the seller hands over the goods, and the buyer pays for them.
Put It in Writing
With only a verbal promise, people may later argue about who said what. Putting it in a written contract helps prevent trouble.
Offer + Acceptance = Contract
A contract is formed when an offer meets an acceptance. For important promises, it's safest to put them in writing.
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