Law 5110 Study Guide - Quiz Guide: Plasma Display, Meeting Of The Minds, State Agency For National Security
Document Summary
For a binding contract to come into force, there must be the intention to be legally bound on both sides (both parties). The agreement of the parties must also consist of an offer and a corresponding acceptance. For a binding contract, there must also be consensus ad idem, meaning a meeting of minds. This means that they need to agree on the same thing. Also, they need to agree that their contract will be bound by the law, and that each party can take the other to court if needed. Promises may be seen as morally wrong, but they are not the business of the law. Article 1:102: freedom of contract (1) parties are free to enter into a contract and to determine its contents, subject to the requirements of good faith and fair dealing, and the mandatory rules established by these.
