In simple terms, one party must make a clear offer, and the other party must accept it. There must be an offer and an acceptance with a definite agreement between the parties. In order for a contract to be valid, the six principle of contract law must be met. In this context a promise is an undertaking by one person to do something or refrain from doing something if another person does something or refrains from doing something or makes a promise in return. This is less likely to occur when the parties understand what they are doing, what their rights and obligations are, and how to recognise potential problems.Ī contract is a legally binding promise or a set of promises between two parties. But when contracts get more complicated they can, and do, go wrong. Most contracts pose no problems – they are usually a simple interchange of cash for goods. If you want to know more about commonly confused words, definitions, and differences between US and UK spellings, make sure to check out some of our other language articles with explanations, examples, and quizzes.A financial agreement is like any other contract and subject to the normal principles of Australian Contract law.
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