What are the legal requirements for a contract?

What are the legal requirements for a contract?

For a contract to be legally binding, it generally must include an offer, acceptance, consideration, and mutual intent to enter into the agreement.

What is consideration in a contract?

Consideration refers to something of value that is exchanged between the parties involved in the contract. It can be money, services, or goods.

Do all contracts need to be in writing?

Not all contracts need to be in writing, but certain types, like real estate agreements, typically must be documented to be enforceable.

What happens if a contract is not legally binding?

If a contract is not legally binding, it means that the parties cannot enforce the terms in a court of law, and they may not have legal recourse.

Can verbal agreements be enforced?

Yes, verbal agreements can be enforced, but they are often harder to prove in court compared to written contracts.