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A binding contract has three key elements. The parties must be competent, there must be consideration, and there must be mutual assent, which means that each side must be clear as to the essential details, rights, and obligations of the contract.
→ Read MoreA contract typically does not have to be notarized. A notary public (or simply ‘notary’) provides an acknowledgment that the signature appearing on the document is that of the person whose signature it purports to be.
→ Read MoreMust the contract be in writing?
→ Read MoreCopies and faxes of contracts, and scanned or electronically stored versions, are all “good” (valid) contracts and enforceable. In fact, contracts are now very commonly executed, or signed, at least partially by fax or scanned copy, with one person signing, then transmitting the contract in some form to the other, who then signs it and transmits a countersigned version back.
→ Read MoreThere are three types of contract acceptance including express acceptance, implied acceptance, and conditional acceptance. In the world of merchant agreements, formal contracts are sometimes too tedious for a busy schedule.
→ Read MoreFind the right lawyer for your legal issue.
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