Draft As A Contract Definition
A draft as a contract is an agreement between two parties to exchange something of value, typically money. The key elements of a contract are offer, acceptance, and consideration. In a business context, contracts are often used to purchase goods or services. For example, when you buy a house, you’re entering into a contract with the seller.
In order to be legally binding, a contract must be in writing and signed by both parties. However, many contracts are verbal agreements that are not written down. Verbal contracts can be enforceable if there is clear evidence that both parties intended to create a binding agreement.
Consideration is an essential element of any contract. It’s what each party agrees to give up in order to receive something else of value from the other party. For example, in a purchase agreement, the buyer agrees to pay the seller a certain amount of money, and the seller agrees to transfer ownership of the property to the buyer. Each party gets something they want out of the deal, so there is consideration on both sides.
Offer and acceptance are also essential elements of any contract. The offer is what one party proposes to do for another party, and the acceptance is when the other party agrees to the offer. For example, if you offer to sell your car for $1,000 and the buyer accepts that offer, you have created a binding contract. Both parties have accepted the terms of the deal and are legally obligated to follow through with their
