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In every valid contract, offer, acceptance and consideration are vital aspects.
The work performed by a contractor can be a capital improvement, a repair, or a maintenance service. Contractors working in New Jersey are required to be registered with the State for tax purposes and to collect New Jersey sales tax on charges for labor when required.
1. Regardless of the nature of its activities, every corporation organized for profit and carrying out any of the purposes of its organization within the State shall be deemed to be "doing business" for the purposes of the Corporation Business Tax Act.
For a contract to be valid, there must be agreement among all the parties. Typically, that means there must have been an offer and an acceptance. The offer need not be in writing (with some exceptions, covered by what is known as the statute of frauds).
To be a binding contract, an agreement must have the following: (1) offer and acceptance, (2) the parties must have a "meeting of the minds" about the agreement's essential terms, (3) there must be valid consideration - in other words, there must be mutual obligations from each party to the other, (4) finally, there
For contracts to be legally binding, they must comprise of the four elements of a contract: offer, acceptance, consideration and an intention to create legal relations.
An agreement must have four essential elements to give rise to a contract and its respective obligations: offer, acceptance, consideration and an intention to create legal relations.
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.
Sales of parts purchased for use in performing service under optional maintenance contracts are exempt from the sales tax in New Jersey.
A contract is valid and legally binding if the following six essential elements are present:Offer.Acceptance.Consideration.Intention to create legal relations.Legality and capacity.Certainty.