Contracts
Here on LawServer you’ll find articles about contracts, relevant state laws about contracts, and related legal Questions & Answers.
Key Parts of a Business Contract
A business agreement may be a written or oral agreement that obligates the parties to the agreement to do, or not to do, certain things. A business agreement can take on many forms: it may be a Memorandum of Understanding, a purchase order (used for goods), or an application whose terms and conditions are accepted upon signing. Typically, businesses purchase goods or services from each other through the use of written contracts. A good business agreement is made up of several elements, as discussed below. Read more
Elements of a Contract
There are three general elements of a contract: offer, acceptance, and consideration. OfferAn offer is the first step of forming a valid contract. An offer is a verbal or written promise to do something or a promise not to do something that the he has a legal right to do. The person making the offer is called the offeror.For example, if a house painting business promises to paint a commercial warehouse for $500, then the painting business has made an offer. Read more
Oral Contracts
An oral contract is one that has not been committed to writing. Oral contracts, while difficult to prove, are enforceable. Some contracts must be in writing in order to be enforceable such as the contract for the sale of real estate. The statute applying to such contracts is known as the Statute of Frauds. If a person agrees to do something, agrees not to do something he has a legal right to do, sells something, or buys something, but the terms of an agreement have not been placed in writing, then it is likely an oral contract has been formed. Read more