Contracts are legally binding promises…assuming they’re properly written. The law requires certain basic elements—mutual agreement on all essential terms, an exchange of something of value, legal age, and mental competence—and the parties supply the details. Like exactly what each of them is required or permitted to do, and what happens if one of them fails to perform.
Common types of contracts include:
– Real-estate purchase agreements (these must be in writing)
– Leases (See Landlord/Tenant)
– Employee/Partner Non-Compete Agreements
– Business Buy-Sell Agreements
– Accepted Purchase Orders
– Marriage Prenuptial Agreements
Leave something out or get careless with the wording and you end up in court, arguing about what you meant and what you’re entitled to and hoping the judge agrees. Cut-and-paste do-it-yourself contracts from a free internet site are free for a reason.
One solution? Get professional help drafting your agreement. We can give you that.