Previous articles examined the corporation and the partnership as legal entities. This article examines the Limited Liability Company or LLC. In many ways, the LLC is a hybrid of the corporation and partnership.
The contracting process starts with an offer to contract. The offer to contract creates the power of acceptance. This power of acceptance can be terminated. If the offer is terminated before acceptance, a contract cannot be formed. An offer to contract can be terminated by either party or by operation of law.
There are a number of requirements for the formation of a contract. One such requirement is that an offer to contract is made.
Contracts can be classified in a number of ways. Specifically, contracts can be classified by how they are formed, how they are to be accepted, and whether they are legally binding.
A contract is a promise or set of promises for which the law gives a remedy if the terms are breached. The law governing contracts can be found in common and statutory law.