4. "ABC constriction Inc." company becomes the lowest in the bed process to get a $21

million construction project for "Northern Inc.". Now "ABC construction Inc." planning to

make a formal contract agreement with the "Northern Inc.". What are the main elements of

this agreement to consider it as a legal contract? Explain.

Answer is given below

Explanation:

Agreement is a official contract. It is written form or even in orally form. The Agreement can be written in formal or informal terms or we can use purely verbal language.

Agreement made between two or more party that allow the court to decide.

The main 6 elements are:

1. Offer

2. acceptance

3. consideration

4. intention to create legal relation

5. certainty

6. capacity

1. The first elements of the contract herein are ABC Sanctions Inc., without the offer, as it is not valid under the Contract Act 1950, Contract Act.

2. Once the offer is made in the contract, acceptance must take place. The agreement must be approved by Northern Inc. When Northern Inc is clear with the offer, it will accept it once the terms and conditions of the agreement are clear.

3. Contrarification is the most important aspect of a contract, when considering a contract, the other person will give something in return. It is considered an exchange between ABC Construction Inc and Northern Inc.

4. It is necessary to have these elements in the contract. Contract law 1950 is one of the requirements of a valid contract, although there is silence about the need for a legal relationship.

5. Another important aspect of the contract is of course. The Contract Agreement sets out the terms and conditions that must be clearly understood by both ABC Contracts Inc and Northern Inc.

6. The ability of a contract to have a legal capacity on either side of the contract is more than eighteen years, since the age of 18 years is specified as the age at which the contract is entered into.