What are standard form contracts?

A standard form contract is an agreement between two or more parties in which standard terms and conditions are agreed upon. In Virginia, such contracts are legally binding and enforceable by law. Standard form contracts typically come in written form, and they usually cover many different aspects of the agreement between the parties. Common examples of standard form contracts include employment contracts, leases, credit card agreements, and purchase orders. The purpose of standard form contracts is to streamline the process of contract formation between the parties. This is done by setting out the standard terms and conditions that are necessary for the agreement. By agreeing to these terms, both parties are generally aware of the obligations and responsibilities to which they are mutually agreeing. By having standard terms and conditions already in place, it is easier for both parties to negotiate and consent to the agreement quickly. This saves time and money, as parties don’t have to continually go back and forth to draft and agree on new contract language. Standard form contracts also provide consistency in how they are interpreted. In Virginia, courts will usually look to the standard form contract to determine the meaning of terms, as opposed to considering outside factors or evidence. This helps to reduce costly and time-consuming disputes over the meaning of contract terms.

Related FAQs

What is implied in a contract?
What is a contractual waiver?
What is a contract of service?
What is a contract of indemnification?
What is a mutual rescission of a contract?
What are the legal remedies for a breach of contract?
What is a liquidated damages clause?
What is a conforming acceptance?
What is a contract for services?
What is a unilateral contract?

What are standard form contracts?

Related FAQs

Related Blog Posts