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:
- 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:
- International Consumer Protection and Enforcement Network
- Consumer Reports
- Consumer Search
You should also check out our list of other great online resources for research and search here.