Commercial Law

A contract is a legally binding agreement that is typically formed between two or more parties. One of the essential elements of a contract is that it is capable of being enforced through the courts. For a contract to be binding, four main elements have to be present. These are offer, acceptance, intention to enter into legal relations, and consideration. Under the offer and acceptance requirements, parties must have agreed before they can enter into a legally binding agreement. Typically, the agreement consists of an offer being made unequivocally by one party and, in turn, being accepted by another party. Notably, both the offer and acceptance can either be express or implied.

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