How Do You Write A Basic Contract?
There are several major items that must be included in all contracts. While oral contracts are enforceable in reference to most types of agreements (with the exception of contracts subject to the “Statute of Frauds”), a written contract can prevent disputes about terms of an agreement. Contracts generally include an offer, acceptance, consideration (also referred to as a “bargained-for-exchange”), description of the subject matter of the agreement and specific dates for performance of the terms of the agreement. A contract can be revoked any time prior to acceptance and a party may make a counter-offer.Special rules apply to contracts for the sale of real property and contracts governed by the Uniform Commercial Code (UCC). Real property contracts must usually be in writing, specifically identify the location of the real property and in order to record a document, must usually be notarized. UCC-governed transactions involve the sale of “goods.” Enter into an oral agreement. Then, you’l
