Question- What are the three stages in the life of a contract? Answer- 1) Preparation or conception + this includes all the steps taken by the parties leading to the perfection of the contract. At this stage, the parties have notyet arrived at any definite agreement. 2) Perfection or birth + this is when the parties have come to a definite agreement or meeting of minds regarding the subject matter and cause of contract 3) Consummation or termination + this is when the parties had performed their respective obligation and the contract may be said to have been fully accomplished or executed