All oral, written or unspoken contracts have certain elements considered valid. Strictly speaking, a contract is an enforceable agreement whereby the parties willing to capacity agree on certain conditions in exchange for something. It contains the promise to do something or to do it against a valuable benefit known in return. To win the case, the aunt must prove with evidence that her nephew lent the money with the intention of repaying it, while the nephew must prove that he did not accept. Without the documentation of the agreement, it will be a matter of er-she-said. In the end, it is a judge who decides which case is most likely of the party. The parties, both reasonable, should freely approve the terms of the agreement, i.e. without influence, coercion, coercion or misreprescing of facts. The nephew and aunt accept the terms of the contract without putting pressure on each other and with the intention of fulfilling their obligations. The purpose of the contract must be legal. In our example, the nephew`s reason is to borrow money from his aunt to replace a flat tire on his car. As such, the contract between them is legal. However, if the nephew wanted to lend money to illegally modify his car (z.B.
installing lights to mimic a police car), the purpose becomes illegal and the contract is invalid. Who doesn`t like the beginning of a relationship? You spend hours together trying to figure out if the other person is right for you, learning about their values and you start talking about your bright future together. A business relationship is no different, although the result of this initial “Court” is usually a written contract that has the rights and obligations of any party and not a marriage, mortgage or children. The next element of a contract is an agreement to do something or, in some cases, do nothing (. B, for example, a confidentiality agreement). This agreement has the form of an offer and acceptance, sometimes called meeting spirits. One party makes the offer, the other accepts this offer in one way or another. This contribution will describe the elements of an enforceable contract and examine why a written contract is better than an oral agreement. There are situations in which an oral contract is unenforceable if it falls under the Fraud Act, which requires written agreement for situations, including: anyone who has already bought or sold a house or land knows that the transaction is final only when the deed is signed. Other contracts may be involved in the process, such as sales contracts, but the deed itself establishes all the elements of the contract and is the most important document of each real estate transaction.
Many oral contracts are legally binding, but the possibility that a party will not respect its commitment still exists; That`s why people often prefer to make their deals in writing. In some cases, where there is an external reference that can be used to clarify the language in question, the courts will continue to consider a contract to be valid. Imagine, for example, someone agreed to buy “trucks” of widgets.