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:
- Agreement (offer by seller and acceptance by buyer)
- Terms and Conditions (mutual obligations)
- Named parties (seller and buyer)
- 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).
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.
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