What is a contract?

A contract is an agreement between two or more parties that is legally binding. In Nebraska, a contract is a legally enforceable promise or set of promises between two or more parties. A contract can be written, verbal, or implied. When a contract is written, it should contain the following information: the names and contact information of all parties involved, a statement of who is obligated to do what, a time or date of completion, and the signatures of all parties. All parties must agree to the terms of the contract and sign it in order to make it legally binding. Verbal contracts may also be legally binding. These types of contracts are more difficult to enforce because there is no physical document. The best way to prove that a verbal contract exists is to provide evidence from either party of their understanding or agreement. Implied contracts are not always legally binding, but they do require the parties to act in a certain way. For example, when a person pays for a service, it implies that the person receiving the money is agreeing to provide the service. No matter what type of contract is entered into, all parties must agree to the same terms and conditions. If any of the terms are broken, it can be considered a breach of contract and may lead to legal consequences. It is important to understand the terms of a contract before signing.

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