Stages of A Contract: 1. Preparatory or conception process of formation such as bargaining, negotiation to arrive at a define contract. 2.

. Perfection or birth there is now a meeting of minds to arrive at a definite agreement as to the subject matter, cause or consideration, terms and conditions of contract. 3. Consumption or death which is the fulfillment or performance of the terms and conditions agreed upon in the contract may be said to have been fully accomplished or executed. Characteristics of Contracts: 1. Freedom to contract they may establish terms and deem convenient. 2. 3. Relativity it is binding only upon the parties and Obligatory force it constitutes the law as between conditions as they may their successors. the parties. left to the wil of only one

4. Mutuality its validity and performance cannot be of the parties.