What is a Legal Contract?
A contract is an agreement between two or more parties that creates an obligation to perform (or not perform) a particular duty. Once signed it is a legally binding promise of rights and obligations to be performed /fulfilled by each party. An enforceable contract must contain the following items:
Offer and Acceptance:
What is being offered and what must be accepted by each side, or “party” to the contract.
Awareness:
A meeting of the minds. Both parties must agree on the essence of the deal being made.
Consideration: money or services. This represents what one party agrees to give up in the contract to get what the party wants.
Capacity: A person must understand the terms, responsibilities, and consequences of the contract before they sign. Individuals lacking the capacity to contract may be replaced by someone who is of sound of mind.
Signature of both parties (or their representative(s).
Caution: Before you sign any contract you should read it carefully. If the wording is unclear, you should have a competent business attorney, such as Liat Cohen, Esq., review it and suggest any possible changes.
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Liat Cohen, Esq.
e-mail: LiatLawpc@gmail.com
Website: https://www.liatlaw.com
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