Small Business Legal Issues

What makes a contract?

A contract is basically a series of mutual promises.  Promises may be clearly stated or may be implied.

Generally contracts require an “offer,” a promise by one person in exchange for a promise by another person, and an “acceptance,” which is the other person’s agreement to the proposed deal.  Sometimes these terms can be implied by actions alone.  Sometimes validly formed contracts will not be enforced, for example, when one party is a minor.  In other cases, it may be uncertain whether the parties had a contract at all.  Each case should be evaluated by an attorney on an individual basis.

Comments are closed.