What Is A Contract?
A contract is a legal agreement between two or more persons (individuals, businesses, organizations, or government agencies) to do or not do a particular thing in exchange for something of value. Contracts are usually written but they can also be verbal. They can be informal or formal. Contracts are considered valid once the offer is accepted. If one person fails to live up to his or her part of the contract there’s a breach of contract and certain remedies for resolving the dispute are available.
In order to be valid, a written contract must contain the following:
• Name of both parties;
• The agreed upon terms including some form of consideration;
• The parties’ signatures
If you want to draft a contract it is always a good idea to seek guidance from a lawyer regarding provisions that can protect both parties and ensure that disputes over contract agreements do not proceed into court.
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