- A contract or agreement clearly require the involvement of more than one party. It is a meeting of the minds, a coming together between common intentions.
- But often,the start of the process towards the formation of an agreement starts from one side. Where consequently there is movement of similar intention coming from the opposite, side the eventual meeting of what was once on opposites will result in a contract or an agreement. This is what is called an offer and an acceptance in the law of contract.
- The determination of the exact point when a contract is formed has been the subject of many decisions by courts of law. This is because the formation of contracts brings about rights and obligations. Thus, the exact point when this is created becomes pivotal.
- An offer once validly made is open to acceptance so long as the offer has not been revoked or lapse. The illustration of a handshake above may be used as an example. An extended hand (offer) offering a handshake (contract) is not a handshake until another hand (acceptance) grabs it and shakes it. It is at the time of the formation of the handshake that a contract is formed, with the corresponding rights and liabilities.
Until the next posting, a bite size goodbye to everyone!
No comments:
Post a Comment