A contract is an agreement between two or more persons (e.g., individuals, corporations, partnerships, limited liability companies or government agencies) to do, or to refrain from doing, a particular thing in exchange for something of value.
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The elements of a contract are: (i) an agreement; (ii) between competent parties; (iii) based upon the genuine assent of the parties; (iv) supported by consideration; (v) made for a lawful objective; and (vi) in the form required by law.
No, an agreement is only one element of a contract. If all six elements are not present, there is no contract.
An agreement arises when at least one person, the offeror, makes an offer and the person or persons to whom the offer is made, the offeree, accepts. There must be both an offer and an acceptance. If either is not present, there is no agreement and therefore no contract.
To constitute an offer, the offeror must intend to create a legal obligation, or he must appear to intend to create a legal obliga¬tion. This intent can be shown by conduct. For example, when one party signs a written contract and sends it to the other party, this action is obviously an offer to enter into a contract on the terms of the writing. Again, the offeror must intend to create a legal obligation. No contract comes into being when an offer is made jokingly, or under any other circumstances that would cause a reasonable person to believe there was no intent to enter into a binding agreement.
A valid contract is a legally-binding contract that is made in accordance with all legal requirements. A voidable contract is an agreement that would be binding and enforceable except the circumstances surrounding its execution, or the fact that one of the parties lacks capacity, makes the contract voidable at the option of one of the parties. For example, a person who has been forced to sign an agreement against his will may avoid being bound by the agreement. Avoid agreement is an agreement which is without legal effect.
An executed contract is a contract that has been completely performed. Nothing remains to be done by either party. For example, if you go into a furniture store and agree with the sales¬man to pay $400.00 for a chair and then pay the salesman cash and take delivery of the furniture, the contract has been completely executed. In an executory contract, something remains to be done by one or both of the parties.
An option contract is a contract that gives the right to one party to enter into a second contract with the other party at a later date. One of the most common forms of option contracts deals with the sale of real estate. In this type of contract, the prospective buyer will be granted an option to purchase the property within a specified period of time. The prospective buyer will pay the seller a nonrefundable sum of money since the seller is, in effect, taking the property off the market during the option period. If the prospective buyer exercises his option during that time, a second contract is entered into regarding the sale of the property. If the option period expires, then neither party has any obligation to the other, but the money paid for the option is not returned.
No enforceable contract would come into existence. The consent or assent of a party to an agreement must be genuine and voluntary. This assent will not be genuine or voluntary in certain cases of duress, mistake, deception or undue pressure.
Rescission of a contract means to put the parties back in the same circumstances they were in before making the agreement. If the agreement involved the sale of goods, the goods would be returned to the seller and the money for the goods would be returned to the buyer.
If you do not have a contract of definite duration in time (i.e., you are an at-will employee (i.e., can be terminated at the will of your employer), the courts of may states would hold that the covenant is binding and enforceable. Your being allowed to work in the future would be the consideration. If you had another year left on a six year contract, the employer cannot enforce a new provision, such as a covenant not to compete, unless consideration is given, such as additional compensation.
No – oral contracts can be just as valid and enforceable as written contracts. How¬ever, the law requires that certain contracts must be in writing in order to be enforceable by a Court. The state statutes that require certain contracts to be in writing are called statutes of fraud. Statutes of fraud require that either the contract itself be in writing and signed by the parties or there must be a sufficient memorandum of the agreement signed by the party being sued for breach of contract.
Not necessarily — The statute of frauds requires a writing to evidence the contract which must be in writing. This does not neces¬sarily have to be a formal contract signed by both parties. It can be a letter signed by only one party setting forth the terms of the oral agreement. However, the writing, whether it be a letter or memorandum, must be signed by the person “to be charged.” This means it must be signed by the person against whom you are seeking to enforce the contract. The writing must contain all of the material terms of the contract so that a Court can determine what has been agreed to.
No. A notary public is an officer authorized by the state in which the person resides to administer oaths, take acknowledgments, and certify documents. The signature and seal or stamp of a notary public is necessary to attest to the oath of a person making an affidavit. There is a requirement that some documents be notarized, such as a real property deed in order to be recordable in the land records. However, unless specifically required by state or municipal law, a contract does not have to be acknowledged before a notary public.
A contract is usually discharged by performance of the terms of the agreement.
An offer to perform is a tender. If a person offers to perform the contract pursuant to its terms and the other party refuses to allow performance, the contract may be deemed discharged.
A tender of payment is an offer to pay the amount due when it is due, for example, on a note. The tender must be legal tender, or example, by cash, a check (if allowed), or a bank wire. A payment by a check is a conditional payment. The debt is revived if the check bounces. The payee can sue on the check or on the debt.
This phrase in effect means, “the specified time and dates in this agreement are vital and thus, mandatory.” Therefore, any delay, reasonable or not, slight or not, will be grounds for cancelling the agreement. An example of this would be in the case of the sale or purchase of perishable property or property that fluctuates rapidly in value. If a contract states that time is of the essence, but it obviously is not, courts will ignore this clause. When time is not of the essence, courts generally permit parties to perform their obligations within a reasonable time.
In every contract, there is an implied covenant of good faith and fair dealing. One party to a contact is under an obligation to do nothing that would interfere with the performance of the other party. If one party makes the other party’s performance impossible, the obligation to perform is discharged. For example, if a contractor refuses to allow his subcontrac¬tor access to the property where the subcontractor is to do the work, the contract is discharged as to the subcontractor. The subcontractor would have a cause of action against the contractor, but the contractor would not have a cause of action against the subcontractor.
A breach of contract is a failure to perform the contract in the manner called for by the contract. A party is entitled to contractual remedies if the other party breaches a contract.
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