This is “The Agreement”, chapter 5 from the book The Legal Environment and Business Law: Master of Accountancy Edition (v. 1.0). For details on it (including licensing), click here.
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After reading this chapter, you should understand the following:
In this chapter, we begin the first of the four broad inquiries of contract law mentioned in Chapter 4 "Introduction to Contract Law": Did the parties create a valid contract? The answer is not always obvious; the range of factors that must be taken into account can be large, and their relationships subtle. Since businesspeople frequently conduct contract negotiations without the assistance of a lawyer, it is important to attend to the nuances in order to avoid legal trouble at the outset. Whether a contract has been formed depends in turn on whether
Factors 2, 3, and 4 are the subjects of subsequent chapters.