A ruler is one of the most common measuring instruments. It comes in many sizes and shapes, depending on what it is needed for. The yardstick is a long ruler (3 feet long), and a measuring tape is yet another type of ruler, made of...
To be a binding contract, there must also be an offer and acceptance that involves the exchange of promises to act and/or provide goods, services or money. The act, promises, goods, services and/or money are called âconsideration.â In order to have a binding, enforceable contract, there must be consideration.
Contracts bind the parties of a contract to the terms of the agreement. As such, contracts form the basis of many business transactions and if one party breaches the agreement, the other party can be severely injured.