legal Eagle Straight-forward legal tips for Military and Veteran Business Owners By Kelly Bagla, Esq.
Details Matter. Especially In Legal Agreements
Have you ever wondered if that contract you were reading actually needed all those legal terms? Every term, condition, and individual facet of a legally binding contract can make a world of difference. Wording can make or break obligations, definitions can simplify the language or cause confusion, and missing or included elements can be the difference between a valid or void contract. A null and void contract is an illegitimate agreement, making it unenforceable by law. Null and void contracts are never actually executed because they are missing one or more of the required elements of a legal agreement. To draft a valid contract, you need to understand the necessary elements of a contract, what makes a contract void or voidable, and how to terminate an agreement.
Details Matter
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WWW.HomelandMagazine.com / September 2021
Elements of a Contract: A contract must include the following six elements to be legally binding and enforceable: 1. Capacity: Contractual capacity refers to an individual’s ability to enter into an enforceable contract. People who are under age, mentally disabled, or intoxicated provides for lack of legal capacity and can not be held liable for their end of the agreement. They can choose to move forward with the agreement if they wish, but they can also exit the contract at any time without breaching. 2. Offer: An offer is the initial draft of a contract that includes the terms of the contract to which the person you are entering into an agreement with is willing to be bound. Most offers include a promise to act or not act in a certain way or an exchange of promises. If the offer is accepted and signed, it becomes legally binding at that moment.
