contracts

Contracts can be fantastically complicated, or absolutely simple. But without the essential elements being present, they aren’t binding or enforceable. It might be 100 pages long and have cost you $5,000 to have drawn up, but without the essentials you have no deal.

On Monday, I started a series of blog entries on the 10 essential elements that must go into a contract to make it legal. Today we’re looking at the last three #8, #9 and #10: Clarity, Completeness and Jurisdiction.

Contracts can be fantastically complicated, or absolutely simple. But without the essential elements being present, they aren’t binding or enforceable. It might be 100 pages long and have cost you $5,000 to have drawn up, but without the essentials you have no deal.

On Monday, I started a series of blog entries on the 10 essential elements that must go into a contract to make it legal. Today we’re looking at, #5, #6 and #7: Signatures, Proper Names and Proper Signers.

Contracts can be fantastically complicated, or absolutely simple. But without the essential elements being present, they aren’t binding or enforceable. It might be 100 pages long and have cost you $5,000 to have drawn up, but without the essentials you have no deal.

On Monday, I started a series of blog entries on the 10 essential elements that must go into a contract to make it legal. We went through Elements #1 and #2, Offer and Acceptance. Today I want to go through the next two elements, #3 and #4: Consideration, and Date.

The whole point of a contract is to set out the terms of a legally-binding agreement between two parties. We call this the “meeting of the minds.” Contracts can be fantastically complicated, or absolutely simple. But without the essential elements being present, they aren’t binding or enforceable. It might be 100 pages long and have cost you $5,000 to have drawn up, but without the essentials you have no deal.

In my next four blog entries I’m going to go through the 10 things you absolutely have to have in a contract. Chances are you’re going to need more - but without at least these 10 things, your contract may not hold water.