Business contracts in Bulgaria, like any business agreement, involve an exchange of promises that the law will enforce, or a writing which contains the principal terms to which the parties have agreed. Business Contracts in Bulgaria
An enforceable business contract executed in a business transaction will generally include the following elements:
- Offer – an offer by one party to do something;
- Acceptance – one party’s agreement to the terms of the offer;
- Consideration – right, interest, profit or benefit accruing to one party;
- Intention to Be Legally Bound;
- Legal Purpose – the contract must be for a legal purpose;
- Capacity – age, mental capacity, and legal existence are all issues of capacity;
- Mutual Assent – a meeting of the minds or mutual agreement; and
- Certainty of Terms – the promises of the parties must be clear.
It must be clear from the business agreement https://lawyer-bulgaria.co.uk/the promises that each party is making. Without some description of the terms and conditions of the parties, a court will be unable to enforce the business contract against either party. Our Bulgarian business lawyers call this type of contract an illusory business contract. Business Contracts in Bulgaria
An illusory contract is most often between two parties whereby one party making the promise to perform is under no obligation to fulfill the promise and thus the contract is unenforceable against said party. The terms and conditions of the business contract must be sufficiently definite to allow for the business agreement to be enforced.
Business Contracts in Bulgaria
Every written business contract in Bulgaria should describe the substantive terms of the parties’ agreement, as noted above.
In addition, there are numerous boilerplate clauses incorporated in every business contract that are equally important.
The following are a few business contract boilerplate clauses that our Bulgarian business attorneys frequently use: a business contract in Bulgaria like any agreement, is an exchange of promises that the law will enforce, or a writing which contains certain terms and conditions to which the parties have agreed.
An enforceable business contract will generally include the following elements: offer, acceptance, consideration, intent to be bound, legal purpose, capacity, mutual asset, and certainty of terms.
