Tag: Basic Elements of a Contract

  • Contract

    Contract

    A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties. Every contract has four essential elements. The first two create ‘mutual assent’ or what is commonly referred to in law as a ‘meeting of the minds’. 

  • What is a Contract?

    What is a Contract?

    Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract. All of the 50 states have incorporated all or most of the definition of this code as statue. A contract is defined as a legal obligation between two or more parties. A…

  • Use Phase Accounting in Construction – Part II (Trades)

    Use Phase Accounting in Construction – Part II (Trades)

    This section covers the three traditional trades that require a license from their respective state. This is your HVAC installer, the electrician and the plumber. In some contractor may wish to include the septic tank and water well installer. However, I prefer these two be included in the site development phase as they do impact…