“Consideration is a right, interest, profit or advantage of one party, or an indulgence, inconvenience, loss or liability given, suffered or assumed by the other party.” “A consideration is an action or indulgence of a party or its promises, is the price for which the promise of others is bought, and the promise of value so made is enforceable.” In accordance with Article 10, all agreements are contracts if they are concluded with the free consent of the contracting parties, against legitimate consideration and for a legitimate purpose and are not annulled. It is very important to distinguish an offer from an “invitation to process”, that is, to invite others to bid. Some everyday situations, which we may consider as offers, are actually invitations to treatment. For example, a Hugo Boss perfume is displayed in a store and displays its BDT 4500 price on a shelf. This does not mean that the perfume is placed in a store, is an offer from the store owner, but he made an invitation to treatment. When the customer picks up this book and brings it to the checkout, the customer offers to buy the perfume for BDT 4.500. If the seller takes the money at the checkout, the shop accepts the offer and a contract arrives. Advertising works in principle in the same way as the above scenario. Advertising for something is like inviting the customer to offer the product. Offer – A contract offer must be made with the intention of creating a legal relationship in case of acceptance. It must be shreddable, it must be complete and not just advertising. Freedom of contract and non-conformity are the dominant ideologies. The parties should be as free as possible to enter into agreements on their own terms, without interference from the courts or Parliament, and their agreements should be respected, upheld and enforced by the courts.
Contracts are an important part of business life. Businessmen will enter into agreements between customers, landlords or tenants, suppliers, customers and with other companies. They are usually created by lawyers and can be full of legal jargon. Here`s a glossary of contracts and business definitions – basically for Britain and a useful guide to any other place in the world. If you participate in business negotiations – especially for your own business – you can achieve much better negotiation results if you have a good understanding of what contracts and their terminology actually mean. This allows you to use your legal advice for specific legal issues and not for strategic decisions over which you need to have full control. If you are the boss or if you are responsible for a contractual result, you need to understand the contracts and their importance. If you understand what contracts mean, you increase your control over the situation, your advisors, the other party, their advisors and the negotiated outcomes. Agent – someone who has been appointed to act on behalf of another person.
The extent of the agent`s commercial power is subject to the agreement between the client and the agent. The express contract is a contract in which the agreement of the parties has been expressed in terms, either orally or in writing. An exchange of promises explaining the conditions to which the parties attach themselves, either orally, in writing, or a combination of the two at the time of the conditions. Whether orally or in writing, the treaty must express a reciprocal intention to be expressed in a comprehensible manner and contain a final offer, unconditional acceptance and consideration. A treaty is an agreement that is enforceable by law, and any promise and any series of promises that constitute the mutual quid pro quo is an agreement. . . .