ManualDoc:Coworking:SectionContract Management Transactions(Openbravo Admin)
A contract is an agreement entered into voluntarily by two parties or more with the intention of creating a legal obligation (each party acquires rights and duties).
A promise becomes an enforceable contract when there is an offer by one party, normally called an offeror that it accepted by the other party (offeree) with the exchange of legally sufficient consideration. It commits the offeree to pay or give other consideration in return for actual performance during a certain period of time.
The existence of a contract requires finding the following factual elements:
- an offer.
- an acceptance of that offer which results in a meeting of the minds.
- a promise to perform.
- a valuable consideration (which can be a promise or payment in some form).
- a time when performance must be made (meet commitments).
- terms and conditions for performance, including fulfilling promises.