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.
How do you know if a contract is legal and binding? Contracts are agreements between persons or legal entities (e.g.- corporations), in which one party agrees to perform a service or provide goods in exchange for the payment of money or other goods or services. The formation of a contract is accomplished when there is an offer and acceptance between the contracting parties.