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On the basis of every legal transaction is the document known as a contract. Here is a guide to this document, why it is important and why you should.
The basic elements of contracts
For as long as we can remember, was established by the agreement. At a time when a person, the handshake was good enough to cement that agreement. In this hectic time, that is no longer the case. Legal liabilities for someone who is an agreement, a written contract is required.
At its core, a contract is an agreement between two parties. One party agrees to do something in exchange for the other party to do something. In most cases it is a party to the other money in exchange for something. A classic example would be a real estate transaction. I agree to pay $ 300,000 in exchange for the transfer of your home for me. Of course, it's more of a real estate agreement, but that's the basic idea.
The courts have very specific views about the enforcement of contracts. Simply put, they almost always enforce. If they do not, the entire business world would be rocked to its foundations. If you're not on the other party something, how can we can do business? Imagine, if you have the widgets and a large dealer ordered a set after the signing of a contract to pay you an equally large amount. What happens if the trader is not a decision to go and we do not pay? They would be stuck with a huge inventory, no revenues, and probably out of business. With a contract, you can go to court and force the dealers to honor the terms of the contract, namely, pay, and make the product. That is the beauty of a contract.
For contracts to be enforced, they must be in writing. If you click on an oral agreement with another party, it means something. The reason why this is the case, it is very difficult to discern which party is telling the truth, whether it is an agreement, and if so, what the terms were. The courts feel so strongly about this that there are a number of law known as the Statute of Fraud. Although it differs from state to state, the basic prerequisite is an agreement of more than $ 500 must be in written form enforced. Of course there are exceptions to this rule, but they are few and far between.
A contract is a critical weapon in the arsenal of any company. Verbal agreements mean nothing these days, so make sure that they are written to protect.
Gerard Simington is with FindAnAttorneyForMe.com - an online business lawyer directory.
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