Contracts can be written or oral. However, before a Contract can become binding and enforceable, it must contain several elements. An “Offer” must be made to exchange goods or services for value. After the offer is made, the other party must “Accept” the Offer presented. Once the Offer is made and Accepted, something of value or “Consideration” must be given to the other party. “Mutuality” is the fourth element in the formation of a valid Contract. Mutuality means all parties to the agreement are willing to enter into the Contract and must have the intent to perform as agreed at the time the Contract is made. Lastly, for a Contract to be enforceable and binding all parties who make up the agreement must be competent to perform a legal act.
As a practical matter, although valid Contracts can be oral, the better practice is to have every obligation imposed, the timing of the performance of that obligation and the payment therefore be in writing to avoid any misunderstanding by the parties down the road. At The Litigation Defense Group, Robert Puzio has prepared, reviewed and litigated thousands of Contract cases and as a result possesses the knowledge and awareness of Contract Law to enable you to avoid the pitfalls of a poorly drafted Contract.
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