What do both parties have to agree to in a contract?
Both parties must consent to their free will. Neither party can be coerced or forced to sign the contract, and both parties must agree to the same terms. Implied in these three conditions is the intent of the parties to create a binding agreement.
What is the difference between a contract and an agreement?
Many people use the terms contract and agreement interchangeably, but they are not precisely the same thing. Black’s Law Dictionary defines an agreement as “a mutual understanding between…parties about their relative rights and responsibilities.”
Can a manufacturer and a dealer agree on a price?
That means manufacturers cannot agree on wholesale prices, and dealers cannot agree on retail prices. However, a manufacturer can listen to its dealers and take action on its own in response to what it learns from them. Many private antitrust cases have involved a manufacturer cutting off a discounting dealer.
Can a company charge the same price as a competitor?
Each company is free to set its own prices, and it may charge the same price as its competitors as long as the decision was not based on any agreement or coordination with a competitor.
Is it legal to charge different prices to different companies?
Both companies are buying in the same quantities, but because company “A123” knows that one of the resellers is only selling “A123″‘s product, they decide to charge a higher price to this company because they know the company will have to pay it, due to the fact that it is there only product.
What does it mean to sell products under a contract?
“Contract Price” means the agreed price stated in the Contract for the sale of Products and Services, including adjustments (if any) in accordance with the Contract. “Products” means the equipment, parts, materials, supplies, and other goods Seller has agreed to supply to Buyer under the Contract.
What happens when both parties agree to a contract?
When both parties acknowledge and agree to the contract terms, the following happens: Their signature is proof of their acceptance of the contract. The signature binds both parties to the terms. Getting the contract notarized proves each party signed the document (since no one can claim their signature was forged).
That means manufacturers cannot agree on wholesale prices, and dealers cannot agree on retail prices. However, a manufacturer can listen to its dealers and take action on its own in response to what it learns from them. Many private antitrust cases have involved a manufacturer cutting off a discounting dealer.