It reduces the cost of contracting by eliminating the need for custom contracts for individual tenders.Standard form contracting has a host of benefits. The parties must intend to form a legal relationship through the offer, acceptance, and consideration.The value of reciprocal promises between the parties is called consideration.When a party accepts an offer made by the other party, it forms a contract.
All contracts must have four essential elements, namely, offer, acceptance, consideration, and intention.The advantages of standard form contracts include reduced cost, speedy bidding, easy familiarity with contract terms, higher confidence in contract terms, less room for deviation, and an established body of case laws for future reference.
0 kommentar(er)
