List two elements of a valid contract:
(i)
(ii) - Leaving Cert Business - Question 8 - 2013
Question 8
List two elements of a valid contract:
(i)
(ii)
Worked Solution & Example Answer:List two elements of a valid contract:
(i)
(ii) - Leaving Cert Business - Question 8 - 2013
Step 1
(i) Offer
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Answer
An offer is a clear proposal made by one party to another, indicating a willingness to enter into a contract. It must be specific, communicated to the other party, and intended to create a legal obligation upon acceptance.
Step 2
(ii) Acceptance
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Answer
Acceptance refers to the agreement of the other party to the terms of the offer. It must be communicated to the offeror and must match the terms of the offer exactly in order to form a valid contract.
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