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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