Legal Forms

Database of General & USA templates — free to download.

Searchable database of forms drafted for small to moderate-sized businesses as well as a selection of templates for personal use.

They cover commonplace business and personal arrangements for which you ordinarily would pay legal professionals. Now, you have these forms at your fingertips 24/7. These templates can serve you in many ways. Buying goods or services, parking in a car park for which a payment is required, buying a ticket to travel by train, bus or airline are examples of contracts we enter into everyday. Every time a trader sells (or buys) goods or services a contract is entered. Other contracts are sale of land, acquisition of finance, or the leasing of premises, vehicles and equipment. Contract law is largely based upon common law principles.

Legal & Binding Contracts

The law regards a contract that's been dated, signed and duly notarized as binding. The courts will often identify a contract by its terms, and its offer and acceptance.

The trader 'offers' to sell something: the buyer 'accepts' the offer by agreeing to buy it. The offer should be clear enough to identify the goods and the terms upon which it is sold. If the buyer suggests a change in the terms, no agreement is formed, and further communication is referred to as a 'counter offer'. It needs to be accepted by the seller before a contract or "promissory note" is finalized. It is of course, open to the seller to repeat the original offer, make a new offer, or break off negotiations altogether.

Ensuring Performance

There must also be consideration. In commercial agreements, this is simply 'the price' which one party is willing to pay the other for goods or services. Alternatively, for goods or services provided in return for the money to be paid by the first party. Sometimes large department stores promote the sale of goods by offering certain other goods as 'free offers', for example an 'electric kettle' free with every refrigerator over $400 purchased. The consideration for the refrigerator is its price in money terms. And the consideration for the kettle is entering into the agreement to buy the refrigerator for an example.

Contract Limitations

Certain classes of person have limited powers to contract, the principal groups being minors and bankrupts. Any legal contract made with a minor or a person under 18 years of age, may be unenforceable unless the contract is for things necessary to maintain the particular person his or her normal lifestyle.

An intellectual property agreement comes under trademark law which carries weighty legal limitations.

Examples of 'necessaries' could be food, clothes, accommodation, and education. When in doubt, it is wise to have the contract guaranteed by a parent or guardian. Bankrupts have very considerable restrictions placed on their ability to enter into contracts. The law does provide protection to persons having bona fide dealings with undischarged bankrupts. The latter are liable to penalties if they obtain credit over $200 without disclosing their bankruptcy.

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Oftentimes it is thought that a contract does not exist if it is not in written form. This is a misconception. While some contracts have to be in drafted form, contracts can be valid and enforceable even in the absence of written evidence of their contents. Contracts can be valid and enforceable even in the absence of written evidence. It is of course wiser to reduce terms agreed upon to writing because it provides greater evidence of what was originally agreed upon by the parties. For help on preparation please click the above link free user guide.

Signing An Agreement

Contract
Contract

An agreement should always be signed in your true capacity. If the agreement is for a corporation, sign in your capacity as a corporate official. If you just sign your name, you can be held personally liable on the contract. If you are signing for a partnership, indicate that fact. If you are signing for yourself, or your own incorporated business, then you just have to sign your name. Example 1: Assume that you are the president of a corporation. You should sign as follows:

ABC, Inc.
By:

_________________________
Peter Madison, President

Example 2: If you are signing an agreement for the benefit of a partnership, use the following format:

A&B Partnership
By:

_________________________
Peter Madison, Partner

Legal Rights & Consultation

It's best to seek the legal advice from a professional lawyer prior to entering into any contractual obligation. An experienced attorney will advise you of your "tenants rights" when it comes to signing a rental agreement. It's also wise to check with your local attorney to find out what laws apply in your state before you sign a legal contract. Having said that, once you have located the appropriate legal form on this website that you wish to use, have your attorney check the form over before you date and sign it. To gain an understanding of contract terms view the website glossary.

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