The law of contract states that the first step required to form a valid contract is that an offer must be formally made by one of the parties to another a common example to elucidate upon this principle is found in the sale of property the purchaser in this example must make an offer to purchase the underlying property. Contract law prepared by lawyers from wwwa4idorg table of contents i formation of a contract a offer b acceptance c consideration d contractual intention contract if it was made without an intention to create legal intentions that is the parties must intend their agreement to be legally binding. English contract law is a body of law regulating contracts in england and wales with its roots in the lex mercatoria and the activism of the judiciary during the industrial revolution it shares a heritage with countries across the commonwealth such as australia canada
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