Contract law. Conclusion of the contract (most important)

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Contract law. Conclusion of the contract (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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13. CONCLUSION OF THE AGREEMENT

Conclusion of the contract

▪ reaching an agreement between the parties in the proper form on all essential terms provided for this type of agreement, in compliance with the procedure established by law.

To conclude a contract, it is necessary to comply with the mandatory procedure established by law. It consists in the fact that one party sends to the other party a proposal to conclude an agreement (offer), and the other party, having received an offer, expresses consent to its conclusion (acceptance).

The offer must meet the following requirements :

a) must be addressed to a specific person;

b) must be sufficiently specific;

c) must contain the intention to conclude an agreement with the person to whom it is addressed;

d) the offer must reflect all the essential terms of the contract.

An offer received by the addressee cannot be revoked (irrevocability principle) within the period established for its acceptance, unless otherwise specified in the offer itself or follows from the essence of the offer or the situation in which it was made.

Public offer - an offer containing all the essential terms of the contract, from which the will of the person making the offer is seen to conclude an agreement on the conditions specified in the offer with anyone who applies to him.

Acceptance of the offer is necessary for the conclusion of the contract. Acceptance may be expressed in writing, through actual and conclusive actions. The acceptance must be complete and unconditional, i.e. the acceptor concludes an agreement under the conditions specified in the offer.

Acceptance may be preceded by negotiations on the terms of the contract. In this case, the response to the offer to change the essential terms of the contract is a counter offer.

Conclusion of the contract without fail is possible only in cases provided for by law or a voluntarily assumed obligation (for example, a bank account agreement).

Conclusion of an auction contract - a method of concluding an agreement, according to which the person who announced the auction is obliged to conclude an agreement with the person who won this auction.

It is important moment of conclusion of the contract, since it is with him that the law connects the entry into force of the contract, when all the terms of the contract become binding on the parties.

As a general rule, an agreement is considered concluded when an agreement is reached on all essential terms of the agreement (all consensual transactions). For real contracts, the moment of conclusion of the contract is the actual transfer of the thing. An agreement requiring mandatory state registration is considered concluded from the moment of making an entry on the state registration of the transaction.

Author: Rezepova V.E.

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