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Cyber Security Testing Measures for Your Small Business

Formation[edit]

Usually a contract forms when one person makes an offer and another person accepts it by performing the offer’s terms or communicating their approval. Furthermore, if the terms are certain, and the two people can be presumed from their behaviour and actions to have intended that the terms are binding, then the agreement is (generally) enforceable.

Some contracts, for example, the sale of land, or other particularly large transactions, also require the formalities of signatures and witnesses (sometimes in the form of a deed). English Contract Law requires all people, known as ‘parties’, to bring something of value, known as ‘consideration’, to a bargain as a precondition to enforce it[1].

Content of a Contract[edit]

The terms in a contractual agreement are incorporated through definitive promises by reference to other terms or through a course of dealing between two people. English Contract Law allows plenty of freedom for people to agree the terms and content of a deal.

Contract Law is at its best when an agreement is performed and resorting to the courts is never needed because each party knows their rights and duties (for example, a shareholder agreement)[2].