What Is Legally Binding Agreement

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As soon as the essential elements of the offer, acceptance, consideration, legal intent and capacity to act are available, a number of legal consequences arise in the context of the contractual relationship. Companies are free to enter into contracts on any terms and conditions. They can assign risks as part of their contracts at will. It is up to the parties to decide what risks they take and under what conditions. A contract states that the parties involved intend to enter into a legally binding agreement. All parties must acknowledge that they are required by law to adhere to the contract and that the contract can be performed by law. The intention to create legal relationships is recognized by everyone, so the contract does not have to indicate that you understand the legal results and that you intend to follow, as is assumed when concluding the contract…