Introduction
A contract isapact entered into by two or more competent parties with the objective of creating a legal commitment between the parties. Proof of a contractis written, but they could also be verbal or implied. Some contracts such as for insurance policy, sale of real property, and installment plans have to be on paper in order to be legally binding. The fundamental attributes of a contractual relationship are an offer, consideration, competent parties with the legal capacity to enter a contract, and mutual assent. Each party involved in the contract acquires responsibilities and rights relative to the responsibilities and Continue reading...