BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The Civil Code defines a contract as “a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service.” For there to be a valid contract, these three elements must be present: consent, object, and cause.

Detailed explanation-2: -The term meeting of the minds refers to an understanding or mutual agreement between two or more parties and their understanding of that agreement. In legal terms, the phrase denotes the essential element in the validation of a contract.

Detailed explanation-3: -A business contract is a legally binding agreement between two or more persons or entities. Contracts can be complex. It is important that you fully understand the terms of a contract before signing anything.

Detailed explanation-4: -Meeting of the minds (also referred to as mutual agreement, mutual assent or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract.