A contract is a voluntary legal promise or agreement between two or more persons, parties and organizations to carry out actions and things mutually. It is a document to emphasize each party’s duties, rights and obligations. We all daily make contracts in general and business lives to complete various actions. A contract is a blueprint of future activities and functions that may you need to accomplish as a party of valid contract. Leasing a home, apartment, office or any kind of property is a normal routine in everyone’s life, which is a common type of contract. In this state of affairs one party is a landlord and other is tenant. Landlord offers his/her property for leasing purpose and tenant agrees to use the property for same reason in return of specified sum of money as rent and through this way they both are making a legal agreement in shape of contract. That is why when making any kind of deal or agreement to do something, it is important to have a contract.
A valid contract always helps you to get rid of quarrels and misunderstandings while performing your duties according to the terms and conditions of the contract. Contracts are best to prepare because these provide a written document that outlines the full understanding of the business and other relationship and scope of the work, duties and rights so that no one can claim any misunderstandings later on the way. Oral or spoken agreements are very hard to enforce by law and they often times leave you with no compensation or legal action in case of breaching of contract by any other party. They protect all involved parties by damages and other violations. If a party breaches the terms and conditions of a contract, a court might choose to do a number of things and one of them is awarding a specified sum of money to compensate the affected person for their loss which is normally known as damages in contracts. In fact making a contract in written is not only handy in business life but also helpful to make other kind of personal deals like sale of car or property etc.
Making of contracts in daily life is important because they can be used in the legal systems to ensure that all involved parties of the contract are equally compensated for their work, goods or money and are doing their duties with best as per terms and conditions of the contract. They also tell all parties about how to do things in what kind of circumstance and situations to achieve mutual goals. If you are going to make a contract for business or personal purpose, you need to be careful about it and need to use clever writing skills and expertise to do so. Making of a contract for very first time can be a difficult task but one can prepare a faultless contract by getting help from contract templates. Internet is an ideal place to find out and download free contract templates for business and personal purposes.
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A contract is a legal binding agreement or a legal document to demonstrate the relationship of two or more than two parties as well as setting out what they must do and must not to do in order to perform variety of action to gain valuable benefits. Contract is an understanding and a deal between two or more involved parties, individuals or organizations to do convinced things to reach common goals and objectives. It is a legal document used to highlight that what you and the other concerned persons or organizations has agreed to do under what terms and conditions to accomplish mutual goals and tasks. Contracts are prepared by parties when they agree to do something together by following the terms and conditions of the contract. Contracts can be in written or spoken as per their nature and circumstances. A person with age of 18 years can enter into a contract but in some states and in some circumstances people with age of less than 18 years can also make contracts.
a contract considered as valid if there are basic elements included in it and those basic elements are offer, acceptance and consideration. There must be an offer in contract to do something and it must be clear stated and specific. Similarly an offer in contract must be understood by other party or parties and its acceptance must be clear as well. Consideration to be paid for the promise made in contract is known as third and last important element of a contract to make it valid in eyes of law. Large number of people thinks that any legal contract should be in written to make it effective and enforceable but it is also fact that not all contracts need to be in written by parties. Variety of contracts is required by law that must be in written and sale or purchase of land contract in one of them. Hence it is always handy to have all terms and conditions agreed between the parties in writing and kept with all other necessary papers and documents. Written contracts are best to point out rights and duties of all involved parties in well manner.
Contracts are promises or understandings that enforceable by law in case of any violation or breech by any involved party or organization. When a breach of a valid contract happens, then one or both of the parties may wish to have the contract enforced based on terms and conditions stated in the contract and court or other law agencies will help them to resolve the issues and quarrels. It is a legal document and need too much care and attention while writing. Contracts should be prepared by using a professional format to make them effectual. A new person may fail to write a contract in best way but use of contract template enables anyone to write contracts in a well organized and professional manner. Contract templates are available in different forms and types to use for different situations and circumstances.
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A contract can be described as a legal agreement between two or more than two individuals, parties or organizations to do or not to do things and actions for a lawful consideration. It is a document to show rights and duties or parties with all terms and conditions of a contract. A contract is just like a deal or promise between parties to do variety of certain things for the well being of all involved parties. A contract is a document that tells what all parties have agreed to do in order to achieve mutual goals. Contracts are enforceable by law in case of any breech or violation if they are valid. Here is a question raised by many people that what makes a contract valid? Means what are basic elements to make a contract enforceable and valid in eyes of law? Here are complete details of basic elements of a contract given below.
Nonappearance of any of these below mentioned elements will make the contract not valid and not legally binding.
- Offer: no contract is valid without an offer so there must be a valid offer to make a contract valid and enforceable by law. Offer should be Cleary defined and stated in the contract. An offer is nothing but an expression of willingness to contract on a specific set of terms. An offer is made by a party with the intention that if the offer is accepted by any other person then he/she will be bound by a contract to complete his/her duties and obligations under the terms and conditions of the contract.
- Acceptance: an offer needs acceptance in a contract to make it valid and legally binding. Acceptance of the offer is second basic element of a valid contract. An offer must be understood by the all parties and its acceptance must be specific and clear. Nothing but only what is offered can be accepted by the involved parties but if any new terms of conditions is suggested to accept the offer then such contract will be regarded as conditional contract.
- Consideration: Third important element of a valid contract is consideration and it must be something of value in the eyes of the law. Consideration in a contract must be sufficient but need not be adequate. Consideration may consist of a promise to perform a desired action or a promise to not to do certain things or actions as per conditions of the contract. Consideration in the contract must have a value that can be determined neutrally.
Contract can be an important document in business and other fields of life so it should be prepared carefully with attention. Preparation of agreement in written form and also best to save as record and can be used as written evidence to settle disputes. Use of contract template is an ideal and effective way to write contracts with all details and features. One can easily find and download appropriate contract templates as per needs and requirements. These templates are editable and a user can make necessary changes in them easily.
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