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Law Drafting

In: Business and Management

Submitted By tibbskids48
Words 372
Pages 2
When typing up a contract for any agreement, it will usually consist of five parts to make it sufficient. The categories are as follows Intention to create legal relations which is saying, if you have signed a contract for business-related activities, then you will be able to sue the other party if that party does not fulfill the contractual provisions and vice versa. Then there is an offer which means, an expression of readiness to do something which, if followed by the unconditional acceptance of another person (see item (iii)), results in a contract. The Acceptance is, is frequently made orally or in writing, but if the contract allows that the acceptance and performance of contractual duties are to be carried out simultaneously, then acceptance can also be made by conduct. Then the Consideration (benefit given to the other party) is the next step, which means the detriment of the person who made the promise or a benefit conferred on the other party, both of which are measurable in economic terms. The last one is Capacity (the authority or ability to make contracts). If all these areas are covered in the contract with any business, there will be issues that will happen with any business deal. If there are questions that happen, they are steps that companies can take to get those issues resolved. The name of this is called the Alternative Dispute Resolution Clause. It has five levels total in this process, but not all five steps have to be used. The steps are as follows Negotiations is when parties of good faith tend to resolve a dispute or claim through negotiation. The next step is the Arbitration, which is someone from each side and a third part which is pic by the other two arbitrators to talk at a set time location to discuss the matter. Then there is a Joinder which role is relevant when agreement forms part of a suite of contracts. The is directed at issues…...

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