A contact is an agreement which is legally enforceable between different parties to do something or to not do something. There are certain elements that a legal contract needs to contain. Firstly, it will need to contain and offer. The offer is what the person or company is going to do or uphold, such as sell you a product, lease you a car or to simply pay you.
There are certain elements that a legal contract needs to contain. Firstly, it will need to contain and offer. The offer is what the person or company is going to do or uphold, such as sell you a product, lease you a car or to simply pay you.
Secondly, the offer on the table needs to be accepted. By accepting the offer, it means that the person or company is agreeing to what is offered, without making any changes.
Then thirdly, the contract needs to represent the intent of both parties in order to enter into a legally binding agreement. Basically, both parties will need to be aware that the agreement could be enforced by the law.
And finally, the contract will need to contain consideration. This means that something of value, which is most commonly money, bargained for in exchange for the product or service that is offered in the contact.
All parties involved, need to be competent in order to enter into the agreement and they also have to enter into it voluntarily. These agreements can be oral, but their enforceability naturally increases if they are written in a contract. If your agreement is oral, it is still enforceable, however, you will need to prove that it existed, which if often hard to do.
When it comes to contract law at Brian Blignaut Attorneys, we have a team with extensive knowledge of the new Companies Act to assist with drafting of all types of agreements, this includes registration of companies, change of members and directors and memorandums of incorporation. Our team also assists with reviewing existing contacts in order to ensure legislative compliance. Brian Blignaut facilitate optimal implementation of legal agreements to the very best interests of our clients.
For more information on our services, visit our website on www.bbattorneys.co.za
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