Contract Forms Law In North Carolina
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Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
There must be an offer and an acceptance. There must be consideration. The parties to the contract must be competent. Its purpose must be legal.
For contract formation, the offer and acceptance are essential terms. The offer and acceptance form the agreement between the parties. The offer must be communicated, it must be complete and the offer must be accepted in its exact terms. Mutuality of agreement is a must.
- Whenever a party has the right to do some act or take some proceedings within a prescribed period after the service of a notice or other paper upon him and the notice or paper is served upon him by mail, three days shall be added to the prescribed period.
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.
Generally, a contract is binding when the following is true: the parties intend to make a contract. there is an offer and an acceptance. the parties receive something in return for their promises.
A contractor must post the Notice of Contract in a visible location next to the posted building permit and file the original with the Clerk of Superior Court where the real property to be improved is located.
In order to have a valid contract in North Carolina, there must be an offer, an acceptance, along with consideration. The parties must also have the capacity to enter into the contract.
