INTUITIVE EDGE
  • About
  • Services
  • Case Studies
  • Connect
  • Media
  • About
  • Services
  • Case Studies
  • Connect
  • Media

The Contracts Building Block - The Basics

7/11/2020

0 Comments

 
Picture








​1. What is a Contract? A contract is an oral or written agreement between two or more persons or entities that is enforceable by law. An exchange is made and promised. For example, Seller: “I will fix your car for $500”. Buyer: “I will pay you $400 to fix my car.” Seller: “Okay, I will fix your car for $400, deal.” Enforceable contract formed.

2. Oral vs. Written Contract. A contract may be oral or written. As long as it meets the legal requirements for contract formation, it is legally enforceable. And yes, a napkin agreement could count as a contract, so could email exchanges, verbal conversations and texts.

3. Benefits of a Written Contract. A signed written agreement allows you to override all previous conversations. Getting out of or collecting on an oral agreement could be difficult.
Avoid “he said, she said” disagreements.
Written by Intuitive Edge Team


0 Comments



Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    April 2023
    March 2023
    February 2023
    July 2020

    Categories

    All

    RSS Feed

Picture
BLOG             RESOURCES            CONTACT
6136 Frisco Square Blvd, Suite 400, Frisco, TX 75034
​© 2020 Intuitive Edge Consulting. All Rights Reserved.     Storybrand Website Design by Red Door Designs.