Washington Agreements, Contracts, Assignments, Pooling Orders, Etc.
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FAQ
The Nature of a Contract 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.
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 which does not create legal obligation is also not a contract. Thus all contracts are agreements but all agreements are not contracts. Offer and acceptance are the two basic elements which comprise an agreement.
An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.
In California, a real estate contract must have the following four essential elements: The contract must be executed by parties who are legally capable of entering a contract. There must be mutual consent. The contract must have a lawful objective. The terms must include consideration (an exchange of things of value)
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.
Washington's retainage limits and deadlines The amount of retainage that can be withheld on public projects is generally capped at 5%. However, if the contract is for $150,000 or less, retainage may be withheld at a higher rate of 10% instead of requiring the contractor to post a bond.
The elements of a contract include identification, offer, acceptance, consideration, meeting of the minds, competency and capacity, and contract legality.