What are the 5 essential elements of a contract?

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.

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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Contracts Oregon Forest Service In Orange

Category:

Construction - Contractors

State:

Multi-State

County:

Orange

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract for the Oregon Forest Service in Orange outlines the agreement between a Contractor and an Owner for a construction project. It includes defining the scope of work to be performed, specifying the work site location, and detailing the responsibilities for obtaining necessary permits. Importantly, the contract addresses soil conditions at the work site, indicating that the Contractor is not liable for soil-related issues, placing the burden of additional costs on the Owner. The contract mandates the Contractor to maintain relevant insurance and outlines inspection requirements before construction begins. Furthermore, any modifications to the project must be documented through written Change Orders, making it clear that the Owner will be responsible for any cost increases resulting from these changes. Payment terms can be either cost-plus or fixed fee, with late payment provisions included for missed deadlines. A one-year warranty on workmanship is provided while material warranties are assigned from manufacturers. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law as it lays a clear foundation for obligations and legal protections related to construction projects.

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FAQ

To be legally enforceable, an agreement must contain all of the following criteria: An offer and acceptance; Certainty of terms; Consideration; An intention to create legal relations; Capacity of the parties; and, Legality of purpose.

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.

A contract will only be legally binding upon the contracting parties if the following requirements are complied with: consensus, contractual capacity, certainty, possibility, legality and formalities. 39 The above requirements will be discussed next. 39Para 1 1 above.