What is a contract?

A contract is an legally enforceable agreement between two or more parties. It can be an oral agreement or a written document. A contract must have certain essential elements for it to be effective. These elements include an offer and acceptance of the terms, consideration (payment) for goods or services, and the capacity of the parties to contract. In Pennsylvania, contracts must also meet some specific requirements. First, both parties must be at least 18 years of age or have parental consent. Also, all contracts must be in writing and signed by both parties. The writing should include the names of both parties, the details of the agreement, and any relevant dates. The agreement must state that each party agrees to the terms in the document. Also, both parties should have a copy of the contract. Contracts are enforced by the laws of Pennsylvania. If one party does not uphold their end of the contract, the other party may file a claim for breach of contract. This means that a court may order the payment of damages and/or the performance of the contract as agreed upon. Contracts are important and should always be taken seriously, so it is always recommended to consult with an experienced attorney before entering into any type of contract.

Related FAQs

What is an offer and acceptance?
What is consideration in a contract?
What are the legal remedies for a breach of contract?
What is a contract?
What is frustration of purpose?
What is a contract of employment?
What is the implied covenant of quiet enjoyment?
What is an indemnification clause?
What is a liquidated damages clause?
What is a performance bond?

What is a contract?

Related FAQs

Related Blog Posts