A contract is a legally binding agreement between two parties that legally doesnt necessary have to be in writing, many of these contracts are known as simple or parol contracts.

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Law, Business and Society

1a)

A contract is a legally binding agreement between two parties that legally doesn't necessary have to be in writing, many of these contracts are known as simple or parol contracts. For a contract to initially come into being a few features are required to exist, these features are:

1) An offer

2) An acceptance

3) Consideration

4) Intention to create legal relations

As stated, a contract doesn't have to be in writing to actually be legally binding as this is the case with the majority of contracts. On the other hand when difficult contracts are being established, clients generally prefer to have the contents of contract in writing instead of settling the terms by word of mouth.

Some contracts are obligated to be in writing, contracts concerning the sale of land or a client wanting to obtain credit or a client wanting to be the guarantee of another party's debt, are required to be in writing.

The statement of terms between two party's prepared to do business with one another (these party's being an offeror and an offeree) are defined as the offer.

An