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In general a purchase contract consists of four basic elements: | In general a purchase contract consists of four basic elements: | ||
| − | * Agreement (offer by | + | * Agreement (offer by [[t:Seller]] and acceptance by [[t:Buyer]]) |
* Terms and Conditions (mutual obligations) | * Terms and Conditions (mutual obligations) | ||
| − | * Named parties ( | + | * Named parties ([[t:Seller]] and [[t:Buyer]]) |
* Language that is legally binding and enforceable | * Language that is legally binding and enforceable | ||
Final acceptance of the contract may be delayed when the terms of the offer differ from the terms of the acceptance (contractual language). | Final acceptance of the contract may be delayed when the terms of the offer differ from the terms of the acceptance (contractual language). | ||
===Notes=== | ===Notes=== | ||
| − | A [[MOU | + | A [[link::t:MOU]] generally does not constitute a contract. |
Disclaimer: {{OR}} does not provide legal advice and {{ORI}} is not a law firm. | Disclaimer: {{OR}} does not provide legal advice and {{ORI}} is not a law firm. | ||
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<ins> | <ins> | ||
[[Link::t:DPL]] | [[Link::t:DPL]] | ||
| + | [[Link::t:ESIG]] | ||
</ins> | </ins> | ||
{{Object | {{Object | ||
The activities associated with writing or receiving and reviewing and accepting the contract for products or services. This may include requesting a formal legal review of the contract language by a qualified legal expert.
In general a purchase contract consists of four basic elements:
Final acceptance of the contract may be delayed when the terms of the offer differ from the terms of the acceptance (contractual language).
A Memorandum of Understanding generally does not constitute a contract.
Disclaimer: OpenReference does not provide legal advice and OpenReference Initiative is not a law firm. Denied Party List Electronic Signature
| ID | Name | Clear | x |
|---|---|---|---|
| DPL | Denied Party List | DPL | |
| ESIG | Electronic Signature | ESIG | |
| MOU | Memorandum of Understanding | MOU |
| Process |
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S007 |
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