Keep in mind that until you accept, the person or company who made the offer -- called the offeror -- may revoke the offer. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site.
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Grow Your Legal Practice. Meet the Editors. Contracts Make a Legally Valid Contract. All you need is a clear agreement and mutual promises to exchange things of value.
Most contracts only need to contain two elements to be legally valid: All parties must be in agreement after an offer has been made by one party and accepted by the other. Something of value must be exchanged -- such as cash, services, or goods or a promise to exchange such an item -- for something else of value. Agreement Between the Parties Although it may seem like stating the obvious, an essential element of a valid contract is that all parties must agree on all major issues.
Offer and Acceptance The most basic rule of contract law is that a legal contract exists when one party makes an offer and the other party accepts it. When Acceptance Occurs In day-to-day business, the seemingly simple steps of offer and acceptance can become quite convoluted. How Long an Offer Stays Open Unless an offer includes a stated expiration date, it remains open for a "reasonable" time.
Consideration is defined as pledging an asset or assets in exchange for the requirements given in an offer. Meeting of the minds is noted when both parties to the contract acknowledge and comply to the requirements listed within it.
Although not all contracts are required to be in writing, there are some that must provide a written document. Typically, the statute of frauds law provides a list of contract laws pertaining to writing requirements.
These laws were established for the purpose of protecting parties from contract fraud using writing requirements. Essentially, written contracts provide physical evidence, they are more reliable than oral or performance contracts; therefore, even if a contract is not required to be in writing, it is wise to do so.
The key reason for this is due to the fact that written contracts are more reliable than oral contracts. The following types of contracts must be in writing in order for them to be enforceable. If these agreements are verbally made, the contract will be void or voidable:. The above-mentioned contracts must identify the basic conditions and terms of the agreement, clearly indicate who the parties are and what other responsibilities they have, and also provide the subject matter of the agreement, i.
For the sale or transfer of land, this includes not only a contract regarding land, but also mineral rights, mortgage contracts, and other options to purchase property. Keep in mind that regarding leases, states have varying laws but often offer exceptions for a lease contract that is limited to less than one year.
The typical example would be a multi-year lease. On its face, a multi-year lease cannot be performed in a year or less. And that contract probably does not need to be in writing unless it is a real estate contract. A fourth example of contracts that need to be in writing would be ones that pertain to marriage. Most marriage-related and divorce-related contracts should be in writing. A fifth example of contracts that need to be in writing would be settlement agreements. A sixth example of a contract that needs to be in writing would be a security agreement.
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