Contract

04.07.2013 18:05

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Contract

1) Legally binding and enforceable contracts exist whether in writing or not provided three basic requirements are met: there is an offer and an acceptance; there is a consideration (ie benefit or payment to one or more parties); there is an intention by the parties to be legally bound by the contract (this is always assumed unless there is a written provision to the contrary).

Source: David Lowe. The Dictionary of Transport and Logistics. Kogan Page, 2002. – P.49 (288 p.)


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