A contract is defined as the legal dress of a business deal. A more technical definition identifies a contract as an agreement between two or more parties which have the intention to be bound by rights and obligations.
In order to make a contract enforceable, we must keep into account the basic elements of an agreement. The legal system provides that the 3 elements are:
- Contractual consideration
Proposal and Acceptance. If there is no proposal there is no contract. The proposal expresses the intention of the offeror to enter into a legal agreement with the other party and it is the factor that legalises the personal intention of an offeror. The acceptance comes into force when the other contractual party accepts any terms and conditions contained in the proposal in a clear and intelligible way. Sometimes the acceptance is the result of numerous negotiations, some other times can be expressed with a simple signal or in the matter required by customs. The parties can change the content of the contract even by inserting terms and conditions.
The law allows entering into a contract either directly through the part himself or by a legal representative that is authorised to operate on behalf of and for the client by power of attorney. The legal representative operates within the limits imposed by the power of attorney.
Consideration. It refers to what one party to an agreement is giving, or promising, in exchange for what is being given or promised from the other side. This requirement cannot be against the statutory provisions in the matter of contract otherwise it may result in the nullification of the contract itself.
By English law, the agreement can be expressed in any manner or form, but if a statutory provision provides that the agreement must be expressed in writing, the parties need to comply with such prescription. Otherwise, the parties can bind themselves through verbal agreement or signals.
With contract analysis services New Vision offers to analyse an already existing contract which terms cannot be negotiated before the signature. This service has the purpose to make the contract understandable and to determine the consequences in case of breach of one of the parties. So that without services our clients could avoid bad surprises and carry on his business activities without concerning of contractual issues.