Contracts can be used in a variety of different places for a variety of different things. Contracts are definitely needed to protect people and property so it is vital that contracts are detailed and clear to understand. There are too many occasions where the fine print is overlooked and when issues arise, people are unaware of the hidden stipulations that were added in the contract and were just breezed through in the explanation. It is important to carefully look over each contract and if there is something you do not understand, it is okay to ask questions.
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These are great terms to get a good understanding on when considering what the five fundamentals that is necessary for a contract. This will allow the contract to be well defined and will allow it for everyone to feel comfortable with the contract (Halvey, & Murphy 9). For instance, offer allows it for the buying process to occur when a party offers to what they are trying to purchase and acceptance will allow communication to take place to accept the offer.