Contract
A contract is an agreement between the parties that is legally enforceable.
A simple contract requires an offer and acceptance between the parties.
- also called "mutual assent" or "bargain"
A contract requires
- an offer (e.g., policy application)
- acceptance (e.g., of the policy by the applicant)
- a consideration (e.g., the first premium payment)
The offer and acceptance is sometimes called "mutual assent" or "bargain".
There are special provisions for an insurance contract.
page revision: 5, last edited: 09 Jun 2007 21:17