A
contract is simply a legally binding
agreement between parties to do or not
do something. Consumers enter into contracts
for many reasons. An agreement to buy
a car or buy a home typically involves
a contract. If one hires a service to
maintain his or her lawn, a contract
is created. There are several factors
to consider to determine whether a contract
has been made. Once a contract has been
created, it must be determined if there
are any issues that call into question
the contract's validity. Finally, if
there has been a breach of the contract,
there is a question of whether a party
has incurred damages.
This
web page summarizes the elements of
a contract, factors that may affect
the validity of a contract, and damages
if a contract is breached. One should
always read and understand a document
before agreeing to be held to its contents.
Before one enters into a contract with
major implications, he or she should
consult an attorney experienced in the
subject matter of the contract.
Contract
Components
There are three elements that must be
present for a contract to exist: an
offer, an acceptance, and consideration.
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