10/20/2017

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Contracts

A contract is defined as a binding legal agreement between two or more parties. It can be between individuals, business entities, or an agreement between a business entity and a person or persons. Within the body of a contract, a promise is made perform a particular service or provide a product in return for a valuable consideration or a defined benefit.

There are many types of contracts, all with different legal meanings, content, and concerns but they should all contain verbiage which spells out the terms and conditions of the agreement, promises of specific performance, and the expected consideration or benefit.

Although most contracts are spelled out in writing, an oral contract or agreement can be construed as being a legal and binding contract and can be enforced in a court of law, although oral contracts may be harder prove and the period to sue may be shorter than that of a written contract.

The elements found in a contract usually include an offer and an acceptance of the offer which is known as "a meeting of the minds." This means that the parties have made an agreement to proceed with the terms and conditions as spelled out in the contract.

The contract should include a promise to perform, to make valuable consideration or a promise to pay, or to make payments in some form. It should also include a specific time to meet agreed upon commitments or to fulfil the promise to perform.

A contract should spell out the terms and conditions that are necessary to meet the wishes of the parties involved, however, a contract does not guarantee that there will be equal benefits to all parties.

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