Part 1 of Essay
A contract is an agreement that is enforceable by law. Modern business could not exist without such . Most business transactions involve commitments to furnish goods, services, or real property; these commitments are usually in the form of . Use of the contract in business affairs ensures, to some extent, the performance o ....

Part 2 of Essay
.... (a revocation), or the party to whom the offer is made may reject it. When the party to whom the offer is made responds with a different offer, called a counteroffer, the original offer is terminated. Then the counteroffer may be accepted by the party making the original offer. REQUIREMENTS OF A VALID CONTRACT For a contract to be valid, both parties must give their assent. They must act in such a way that the other people involved believe their intention is to make a contract. Thus a person who is clearly not ....