Business Contract

Contracts and agreements are important to the conduct of business for all types of companies. In earlier decades, there were few written business contracts, and many business and personal deals were made with a handshake. If a problem arises, both parties can take the issue to court, and a judge will hear the case even if the contract is not in writing.

While an oral contract is still legal (except in specific situations), most contracts are documented in writing. Contracts have become increasingly detailed these days, and every effort is made to clarify all possibilities and eventualities.

Essentials of Business Contracts

There are six essential elements for a contract to be valid (enforceable by a court). Consider here together the first four, which relate to the agreement itself, and the other three to the contracting parties.

Offer, acceptance, consideration, and mutual consent capability legal purposes