A significant key to contracts is formation.
Formation
The common formula quoted for a contract is offer + acceptance + consideration = contract
Consideration is value of something given in return for something. Commonly money, consideration can be anything of value to the parties in the contract. To this end, it is both parties that provide something to each other, an exchange of a commodity. Whilst these components can clearly expressed in a contract, they can also be implied.
An implied contract exists when there is no express term but the conduct of the parties implies that the necessary components exist. A good example of this may be where someone parks their car on private land compelling the person who parked to pay for the privilege.
Contract negotiation; expressions
Initially, ‘the bidding phase’ is where parties make proposals to each other. There are Numerous ways to make proposals to the other party including the following:
Proposals (formal + informal)
Our proposal is to…
We suggest…
What we would like is….
Responses
to agree with something
This would suit us. (informal)
This would be acceptable to my/our client. (formal)
We are happy with that (formal/informal)
We could live with that (informal)
to disagree
We are not happy with that (formal/informal)
That would be a no go (informal)
How about if we …. instead? (informal/formal)
That would be difficult… (formal/informal)
That is out of the question! (formal/informal)
Expressions
As with spoken language, fluency means using different expressions to say the same thing. This way it is easier for the reader/listener to keep an interest.
The client must notify the other party in the form of written communication.
The client must notify the pother party by way of written communication.
Payment is due on the aforesaid date.
Payment is due as stated above.
In the event of a dispute, both parties will rely on the prescribed remedies.
On the event of a dispute, both parties will rely on the mentioned/stipulated remedies .
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