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Title: What makes a good contract , Obligations of Buyer and Seller in a contract
Description: What makes a good contract , Obligations of Buyer and Seller in a contract
Description: What makes a good contract , Obligations of Buyer and Seller in a contract
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This Module will help you to:
Understand
the buyer’s &
seller’s main
obligations
under a
contract
Be aware of
key terms &
conditions
ITC
Know when to
use what type
of contract
Prepare your
own contract
M8:Preface:2
What is a Contract?
To be valid a contract must fulfil the following
requirements:
An offer
t
c
a
r
t
n
o
C
An acceptance
The contractual capacity of the parties
A consideration on something of value
A legally binding relationship
ITC
M8:U1:1
...
2-1
Buyer’s obligations
Accept the goods or services
Pay the agreed price
Act in good faith & fairly
Accept civil liability
ITC
M8:U1:1
Title: What makes a good contract , Obligations of Buyer and Seller in a contract
Description: What makes a good contract , Obligations of Buyer and Seller in a contract
Description: What makes a good contract , Obligations of Buyer and Seller in a contract