Most of you are aware of them, but don’t really understand them. Here is a slight overview.
A contract is a voluntary, deliberate, and legally binding agreement between two or more competent parties. Contracts are usually written but may be spoken or implied, and generally have to do with employment, sale or lease, or tenancy.
A contract is formed when:
1. There is an offer,
2. There is an acceptance of the offer, and
3. There is consideration in exchange of the offer or acceptance.
Each party has its own rights and duties relative to the rights and duties of the other parties. However, while all parties may expect some benefit from the contract, it is not necessary that both parties will equally benefit. Existence of a contractual relationship does not necessarily mean the contract is enforceable, or that it is not void or voidable. Contracts are normally enforceable whether or not in a written form, although a written contract protects all parties. Some contracts must be in writing to be legally binding and enforceable. Those contracts include but not limited to:
1. Sale of real property,
2. Installment plans, and
3. Insurance policies.
Be sure to read the entire content of a contract very carefully before putting you John Hancock or consult with an experienced attorney to draft the appropriate contract for you business needs.
Learn more about::
Learn more about Recovering Damages from Breach of Contract and watch our Breach of Contract Damages Video.
Also read our Business Contract Dispute post and our Contractor Agreement for California Businesses post on our blog.
Learn more about Recovering Damages from Breach of Contract and watch our Breach of Contract Damages Video.
Also read our Business Contract Dispute post and our Contractor Agreement for California Businesses post on our blog.
