Valid contracts require an offer, an acceptance, and a consideration.Identify these elements in the following cases:a. The purchase of an item at the storeb. The hiring of laborc. A paid bus rided. A construction contracte. The position of staff member in a firm

Valid contracts require an offer, an acceptance, and a consideration.Identify these elements in the following cases:a. The purchase of an item at the storeb. The hiring of laborc. A paid bus rided. A construction contracte. The position of staff member in a firm

Fundamentals Of Construction Estimating

4th Edition

ISBN:9781337399395

Author:Pratt, David J.

Publisher:Pratt, David J.

Chapter8: Pricing Generally

Section: Chapter Questions

Problem 4RQ

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Concept explainers

Types of Contracts

A verbal or written agreement between a person and a firm, for undertaking construction, material supply, maintenance, and repair work which is enforceable by law is termed as a contract. The person who undertakes the contract for execution of the work is termed as a contractor. The contracts are classified into different types depending on the nature of the contract.

Question

Valid contracts require an offer, an acceptance, and a consideration.
Identify these elements in the following cases:
a. The purchase of an item at the store
b. The hiring of labor
c. A paid bus ride
d. A construction contract
e. The position of staff member in a firm

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