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What are the necessary components of a contract? If I wanted to create a document storage for contract datastructures, each having their own unique content add
by nanomonkey 5y ago
What are the necessary components of a contract? If I wanted to create a document storage for contract datastructures, each having their own unique content addressable hash, what are the key features that would be needed to be considered a legal contract? Name/Title, creator, recipients, signatures/acknowledgements and terms? Are their specific terms involved. Any specs on this sort of electronic data?
- greggyb 5y agoIn the US, generally speaking, the following items are necessary for a contract: 1. Multiple parties 2. Consideration: all parties must get something out of it. You may have an agreement where you don't get something out of it, but you cannot have a contract where you get nothing out of it. 3. Offer, acceptance, and mutual assent. One must make the offer, the other(s) must accept, and all have to see eye-to-eye. 4. Legality: you can't make a contract to perform illegal acts. A contract with an assassin is not legally a contract -- one cannot be found in breach of this contract by a court of law no matter what (though bringing the suit may incriminate you for conspiracy to commit murder). 5. Parties legally able to enter contracts. Minors can't enter contracts.