Of course, this doesn`t tell you everything you need to know about contracts, but it`s a good start. If you have the five key elements of a contract, you have a binding agreement, but to offer you the best protection, you still need to think about it: the terms of the contract are fundamental to the agreement. If the conditions of the contract are not met, it is possible to terminate the contract and claim damages. Written contracts may consist of a standard agreement or a letter confirming the agreement. Of course, there are some contracts that need to be written, for example a lot of land/property contracts, deeds and guarantees. However, in many general trade agreements, no written contract is required. There must always be offer, acceptance, consideration, intention to create legal intentions and certainties of conditions. This can be best demonstrated in a written contract, but in many cases, when the essential elements are in place, a binding agreement is concluded, that there is something in writing. Contractual guarantees are less important conditions and are not fundamental to the agreement.
They cannot terminate a contract if the guarantees are not fulfilled, but they can possibly claim compensation for the losses suffered. Oral agreements are based on the good faith of all parties and can be difficult to prove. If you can register as many agreements as possible, it will help if disputes arise later as to whether there is a contract. Acceptance is the final and complete agreement of an offer, the acceptance of the precise conditions of the offer without derogation. An unsigned written contract can be binding, although a court considers all the circumstances before concluding that the parties wished to be held. If you have a written contract, make sure you have read it before you sign it. Courts are reluctant to get involved when parties with the same bargaining power have agreed on terms, especially when the parties are represented by law. Make sure you know what you`re signing up for! Standard contracts are usually drafted in such a way as to serve the interests of the person offering the contract.
It is possible to negotiate the terms of a standard contract. In some cases, however, your only option is to «take it or leave it.»