What Are Some Of The Basic Requirements For A Valid Contract?
The basic requirements for a valid contract are that the parties are agreeing to something, that it’s clear what they’re agreeing on, that there is a legal concept called consideration – that both parties are giving something up. A contract doesn’t require or doesn’t need to be very complicated.
Do All Contracts Need To Be In Writing To Be Considered Valid?
No, not all contracts need to be in writing to be valid. You can have an oral agreement. However, it’s highly preferable to be in writing because that way, everyone knows what they have agreed to. While you can undoubtedly have disputes as to what a written contract means, it’s much easier to disagree with something that was never written down.
What Are Some Common Issues That You Run Into Or You See People Or Businesses Run Into If They Haven’t Prepared The Contract Correctly Or What Are Some Things That Could Cause A Potential Trouble Down The Line?
Some common issues we run into are that the terms are too imprecise and aren’t well-defined, which gets people in trouble later. You can sometimes get that with form contracts you repeatedly use in a particular industry that people have long since stopped reading. Still, you want to make the terms as precise as possible to eliminate the opportunity for misunderstanding or a difference in interpretation as to what something requires in the contract.
Why Should We Hire An Attorney To Handle Or Create Our Contracts And Agreements?
You want to hire an attorney to handle and create contracts to eliminate the opportunity for a lawsuit later. The more everyone is on the same page at the beginning of a business endeavor and that page is a clearly defined, the less likely you’re going to have misunderstandings as to what you meant later on. It is best to have a well-put-together contract at the beginning to avoid a lawsuit later because handling the contract is far less expensive than the lawsuit.
For more information on Contracts And Agreements in Pennsylvania, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (610) 756-2300 today.
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