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ARTICLE · 19 APRIL 2022

The Relative Effect Of Contracts

Andersen
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With this in mind, ‘consent' occurs as soon as an offer is issued by one of the contracting parties and is accepted by another.

EgyptCorporate/Commercial Law
Noor Mahdy
Noor Mahdy

Contracts are characterized by the' principle of consent', defined as the agreement of two or more natural or juristic entities, to enter into a binding legal relationship, wherein both parties have an agreed-upon set of responsibilities towards the other.  With this in mind, 'consent' occurs as soon as an offer is issued by one of the contracting parties and is accepted by another. Following this, approval of the contractual terms by each party will impose obligations to uphold towards the other. 

Contracts are globally recognized for their legally binding force, and when drafted correctly, the terms within them will take precedent over the law, so long as the acts therein are lawful. These terms also do not lapse except with the parties' consent, or in a manner prescribed by the law, making them the first reference point to be relied upon when looking for evidence in the event of any disputes regarding the interpretation or implementation thereof.

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