Formation
A contract will be formed (assuming the other requirements are met) when the parties give objective manifestation of an intent to form the contract. Of course, the assent must be given to terms of the agreement. Usually this involves the making by one party of an offer to be bound upon certain terms, and the other parties' acceptance of the offer on the same terms.
Because offer and acceptance are necessarily intertwined, in California, offer and acceptance are analyzed together as subelements of a single element, known either as consent of the parties or mutual assent.
Read more about this topic: Offer And Acceptance
Famous quotes containing the word formation:
“The moral virtues, then, are produced in us neither by nature nor against nature. Nature, indeed, prepares in us the ground for their reception, but their complete formation is the product of habit.”
—Aristotle (384–322 B.C.)
“... the mass migrations now habitual in our nation are disastrous to the family and to the formation of individual character. It is impossible to create a stable society if something like a third of our people are constantly moving about. We cannot grow fine human beings, any more than we can grow fine trees, if they are constantly torn up by the roots and transplanted ...”
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“Out of my discomforts, which were small enough, grew one thing for which I have all my life been grateful—the formation of fixed habits of work.”
—Elizabeth Stuart Phelps (1844–1911)