Answer:
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. “ABC construction Inc.” company becomes the lowest in the bed process to get a $21 million construction project for “Northern Inc.”. Now “ABC construction Inc.” planning to make a formal contract agreement with the “Northern Inc.”. What are the main elements of this agreement to consider it as a legal contract?
Answer : elements of the agreement
- offer
- acceptance
- capacity
- certainty
- consideration
- intention to create legal relation
Step-by-step explanation:
Offer : an offer is the beginning element for any valid agreement to be started or reached between two or more bodies. ABC construction would have to make an offer first for the agreement to be valid
Acceptance: This is part where by the company "Northern Inc" after receiving the offer from ABC construction Inc would have to consent to the approval of the offer made.
capacity : This the element of the agreement that helps to ensure that both parties have the legal and financial backings to embark on the contract agreement .
certainty : This element ensures that both parties understands the terms and conditions attached to the agreement and this to ensure that there are no bogus conditions
Consideration : This is a very vital element because the both parties have to give something in return while going into a valid agreement
Intention to create legal relation : Legal relations are applied to contract agreements whereby both parties want the contract agreement to b legally enforced and this is important in order to prevent contract breach by any party involved in the agreement