Understanding Legal Contract Fundamentals

Understanding Legal Contract Fundamentals

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A contract creates legal obligations between two or more “parties” (individuals, businesses, institutions, etc) involved in the contract. Contracts are agreements to exchange something of value (usually goods or services) that are enforceable in court. It is important for you to have understanding of legal contract.

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Determine whether you need a contract. If you are exchanging something of significant value with someone, such as your labor or services, intellectual property, or material goods, you should have a contract in place.

Be aware of the basic requirements of all contracts. Contracts have three essential elements: an offer, an acceptance of that offer, and sufficient “consideration,” or what each party will “get” out of the contract.

Make sure all parties are legally able to participate. You should only form a contract with someone who has the authority to carry out the contract (like a company’s owner or CEO). Furthermore, a contract will not be legally valid unless everyone involved is an adult with the legal ability, or “capacity,” to enter into a contract.

Plan to exchange something of value. In a legal contract, something of value has to be exchanged for something else of value. This benefit is called the “consideration.

Ensure all parties are in agreement. For a contract to be legal, an offer must be made and accepted.[13] Before you write up a contract, all parties should have the same general idea about what the contract will stipulate

Come to an agreement in good faith. All parties must mutually assent to the terms of the contract. This means that they agree to the contract without being forced or coerced to do so.

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