Important stuff to look for when buying something or making a deal

legal law

We all buy stuff almost every day, and we all agree with someone, some government agency or some company about something several times during our lifetime.

Whether it is purchasing a car, renting a home, buying a Apple product or som other agreement – it is all called a contract – in legal terms. You probably even agreed to a contract, that is our terms os service, for using this site. So what is a contract?

A contract is an agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance, adequate consideration, capacity; and legality.

Well, that is a mouthful.

But tho be more precise, there are five elements to a contract. These are:

  • Offer
  • Acceptance
  • Consideration
  • Mutuality of obligation
  • Competency and capacity

For a contract to be enforceable, the parties need to have the legal ability to enter into the contract. For example, a person suffering from mental impairment may lack the capacity to enter into a contract.

There are lots of buyer protection and consumer protection mechanics when buying at a store or buying something online, but other venues of making a deal, or entering into a contract, is not that easy to pinpoint without some research, so here are some sites for your consideration:

You should also check out our list of other great online resources for research and search here.

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