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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. In some states, elements of consideration can be satisfied by a valid substitute.

an agreement (offer and acceptance); • an intention to create legal relations (this is an intention to form a legally binding relationship); • consideration (payment or monies worth); and • certainty of terms (are the details of the deal clear?).

There are three essential components of any contract: the offer, the acceptance, and the consideration. If all three of these characteristics aren't present, a document is not considered a contract.

Cancellation of a contract is one effect of contract in that the contract is formed within the legally provided requirements. When one of the contracting parties fails to perform a contract the other party might cancel the contract as one remedy of non-performance of the contract.

Under the Ethiopian Civil Code a contract of sale is also defined in such a way ''as a contract where by one of the parties the seller undertakes to deliver a thing and transfer its ownership to another party, the buyer in consideration of a price expressed in money which, the buyer undertakes to pay him''26 In the ...

Article 1675 of the Ethiopian Civil Code defines contracts as "21agreement whereby two or more persons as between themselves create, vary or extinguish obligations of a proprietary nature".

What are the essential elements of a contract? There are seven essential elements an agreement must have to be considered a valid contract. The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and contract legality.

The Ethiopian Contract Law predominantly follows the "theory of reception." This theory emphasizes that a contract is formed when an offer made by one party is accepted by the other. In Ethiopian law, acceptance is a crucial element in the formation of a contract.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232