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Demo INS003FL60 - Health and Life : Chapter 3 - Lesson 1: Definition of a Contract | OLT

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Chapter 3 - Lesson 1

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Definition of a Contract

C3-L1-P2

Definition of a Contract

A contract is defined as an "agreement enforceable by law." It is the way one party binds itself to certain promises, and the other party then binds itself to pay for the services promised, or gives just compensation in some other manner.

Contract Requirements are:

An Offer & Acceptance
Consideration
A Legal Purpose
Competent Parties

The above are the four elements that each enforceable contract must contain or it is considered VOID.

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