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A contract is an agreement between two or more people which is legally binding. There are three essential ingredients of a contact. First one party person has made a firm offer which the other party has accepted. The second ingredient is that there is an intention to create a legal relationship - this is automatically presumed in a commercial agreement. The third ingredient is consideration - this is the price
(money) or something of value in the eyes of the law or a promise in return for a counter-promise.
Legal forms are necessary to put a contract in writing. Although a contract need not be in writing to be legally valid, apart from exceptions such as house purchase, assignment of copyright and credit agreements, provided it contains the three elements above, a verbal agreement will be legally enforceable but the advantages of committing the terms to paper are immense.
In the event that there is ever a dispute between parties involved in a verbal agreement relative to the terms or even the existence of such an agreement, litigation often follows. In the absence of a written contract, litigation is resolved by a finding from the court. This finding is based on "he said/she said" testimony which very often results in a loss for the party who did not breach the contract. To use our free forms, highlight the form, paste in your word file, enter your own pertinent data and print.*
