REPORT ABOUT LIMITED LIABILITY COMPANY
Application for the approval to establish an LLC must be sought from the relevant government department upon submission of Memorandum of Association, and once approval has been granted the LLC can be entered in the commercial register and the appropriate license will be issued. Or “Traditionally the contractual agreement has been analyzed in terms of offer by the one party and acceptance by another party”. In specifically, in offer the offeror has the intention to be bound with acceptor.
INTENTION TO CREATE LEGAL RELATIONSHIP
FREE CONSENT
When both the parties in the agreement take, understand, purpose, matter of subject and terms and conditions of the agreement in the same way than it will be known as free consent.
CAPACITY TO CONTRACT
It is the ability or right to sign a legal agreement to shoe that it is accepted.
LAWFUL CONSIDERATION
This includes something of value given by both parties to a contract that includes them to enter in to the agreement to exchange the mutual performances.
LAWFUL OBJECT
Lawful object can be defined as both the parties being within the boundary of law. The object should not be illegal, immoral or opposed to the public policy.
CERTAINTY OF MEANING
It is a legal rule in which all the requirements and conditions for the performance of a contract must be known to both the contracting parties before the contract is signed.
POSSIBILITY OF PERFORMANCE
It is the completion or accomplishment of a promise, contract, or other obligations according to its terms.
LEGAL FORMALITIES
It is an established rules, forms or customs, especially parties in the contract followed simply for the sake of procedure or decorum.
