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Legal Terms - contract: A bound legal arrangement.
An agreement results from *offer and *acceptance, but in order for an agreement to be enforceable, a few more conditions must be met.
1. Unless the transaction is by deed, consideration is required.
2. To establish legal relations, the parties must *intentionally* do so. This clause typically serves to keep a purely social or domestic agreement from qualifying as a contract (see also HONOUR CLAUSE).
3. *Capacity to contract must exist between the parties.
4. Any formal legal requirements must be met by the agreement. Generally speaking, a legitimate contract can be created without any specific formality. Oral, written, partially written, partially oral, or even inferred from behavior are all possible forms. However, some transactions can only be considered legitimate if they are carried out through a deed (such as the transfer of shares in British ships) or in writing (such as promissory notes, contracts for the sale of land interests, and assurances that are only legally enforceable if they are supported by written documentation).
5. Even though they are legal, some contracts have the potential to be revoked by one of the parties for reasons including deception or the use of undue influence.
employment contract (service contract) an agreement whereby an individual consents to perform specific tasks under the guidance and supervision of their employer in exchange for a predetermined wage or income. The Employment Rights Act 1996 (as modified) requires that the employee get a written *statement of terms of employment no later than the commencement of employment (formerly no later than two years), even though the contract need not be in writing.
Legality is required.
6. Neither a common-law or statutory rule nor an intrinsic flaw, like an operational error, may render the agreement void.
An agreement results from *offer and *acceptance, but in order for an agreement to be enforceable, a few more conditions must be met.
1. Unless the transaction is by deed, consideration is required.
2. To establish legal relations, the parties must *intentionally* do so. This clause typically serves to keep a purely social or domestic agreement from qualifying as a contract (see also HONOUR CLAUSE).
3. *Capacity to contract must exist between the parties.
4. Any formal legal requirements must be met by the agreement. Generally speaking, a legitimate contract can be created without any specific formality. Oral, written, partially written, partially oral, or even inferred from behavior are all possible forms. However, some transactions can only be considered legitimate if they are carried out through a deed (such as the transfer of shares in British ships) or in writing (such as promissory notes, contracts for the sale of land interests, and assurances that are only legally enforceable if they are supported by written documentation).
5. Even though they are legal, some contracts have the potential to be revoked by one of the parties for reasons including deception or the use of undue influence.
employment contract (service contract) an agreement whereby an individual consents to perform specific tasks under the guidance and supervision of their employer in exchange for a predetermined wage or income. The Employment Rights Act 1996 (as modified) requires that the employee get a written *statement of terms of employment no later than the commencement of employment (formerly no later than two years), even though the contract need not be in writing.
Legality is required.
6. Neither a common-law or statutory rule nor an intrinsic flaw, like an operational error, may render the agreement void.
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