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to reach agreement on a subject on which people have had different opinions if you want to enter into a contract with someone and you want to bring the person to justice if the contract is violated. To be considered a contract, the six elements of the contract must be present. The first three refer to the treaty itself. The second two elements concern the parties involved. [1] The definition of enter in by: Collins Cobuild dictionary (CD-Rom 2006). A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not to do certain things. The term « party » can be a person, a company or another legal entity. Regardless of who the parties are, contracts almost always contain the following essential elements: If you enter into a contract, it is important to follow several rules to ensure that the contract is valid and enforceable in court. First of all, you need to know who can legally enter into a contract. For a contract to be valid, signatories must: in a company that is a partnership, each partner can enter into a contract. However, all partners could be held liable for offences, as partnerships are not legal entities. In partnership, everyone is the agent of the company. This means that it is impossible to limit a partner`s dedication.

In the business world, there may be disputes over contracts, and one party (or both) may accuse the other, without a party, of breaking its treaty obligations. From a legal point of view, a party`s inability to complete a contract is referred to as a « breach of contract. » In the event of a breach of contract (or, at the very least, an alleged violation), one or both parties may wish the contract to be « forced » on its terms, or they may attempt to assert financial harm caused by the alleged breach. So I`m sticking with it. But I invite you, dear reader, to vote in the poll below. Contracts are an important part of running a business, so you need to make sure that the contracts you have drafted are legally enforceable.