Question

Contracts legally ind the buyer and seller!  

What key items are included in an effective contract?

Share and describe one example of pricing methods used in writing contracts. Share an example of a specific project bid contract in which this type of pricing would be most effective and why?

Answer 1

A contract is a legally binding agreement that recognizes and defines the rights and obligations of the parties to the agreement. The contract is legally enforceable because it meets the requirements and approval of the law. The agreement usually involves the exchange of goods, services, money, or any promise to them. In the event of a breach of contract, the injured party is entitled to legal compensation such as damages and annulment.

In the Anglo-American common law, contract formation usually requires an offer, acceptance, consideration and mutual intention to connect. Each party must be capable of terminating the contract. Although most oral contracts are binding, some types of contracts may require forms such as writing or by action.

In the traditional civil law of contract, a contract is a branch of the right to duty.

Each state recognized by private international law has its own national legal system for managing treaties. Although contract legal systems may be similar, they can be quite different. Accordingly, many contracts have a choice of law and jurisdiction. These provisions determine the laws of the country that will govern the contract, and in accordance with the state or other forum in which the dispute will be resolved. Unless there is clear agreement on such matters in the Treaty itself, the State has laws for determining the rules governing treaties and jurisdiction over disputes. For example, European Member States apply Article 4 of the Rome, Statute to decide the rules of the Treaty and the Brussels Regulations to decide jurisdiction.