Goings Legal offers expertise in:
- contract drafting
- contract review
- contract revision
- non-disclosure agreements (NDAs)
What is a contract?
At its simplest, a contract is a binding agreement between 2 or more parties consisting of an offer, acceptance, and consideration. The offer is the initial ask, a promise to do or not do something in exchange for something of value. Acceptance occurs when the parties agree on terms and the person offered accepts the offer. Consideration is the “something of value” previously mentioned; consideration is usually money but can be anything (legal) that the recipient deems of value.
Does a contract have to be written, or can it be verbal/oral?
Contracts are enforceable whether written or verbal. The challenge becomes proving the existence and terms of an oral agreement. Unless one person can provide evidence to support their claim, verbal contract disputes are just one person’s word against another’s. This is why I encourage everyone to get something in writing. Even better is formalizing the agreement with a well-drafted contract from an attorney.