08 December, 2009

Law of Contract


http://www.advicenow.org.uk/myths-shops-would-have-you-believe,10005,PL.html

Contract is an agreement between two or more parties and it's legally binding between them. For a legally enforceable contract, there are few important elements which are free consent, offer and acceptance, intention to create legal relations, consideration, certainty, legality and legal capacity. Some contracts must be in writing such as insurance contracts and contracts for the sales of land. What I want to share here is verbal contract. It means contracts that expressed in words. Generally, verbal contract is legally enforceable, but there's a problem, how do you prove what was agreed upon?? The problem with verbal contract is that they are very hard to prove, especially when they are very complicated or have no witneses. So, in my opinion, try to avoid verbal contracts. :-) What do you think?

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