A Contract is defined as an agreement between two or more parties in which an offer is made and accepted, and each party benefits. The agreement can be formal, informal, written, oral or just plain understood. However, some contracts are required to be in writing in order to be enforced.
A contract is also an agreement between two or more parties and creates obligations that are the subject of that agreement.
Some examples of a contract are a lease, a promissory note, a sales agreement, or a performance agreement.
What is important to remember, a contract is legally binding, and if drafted improperly can have serious consequences to the parties involved. Many contracts require specific language be included in them in order to validate or enforce them. Only your attorney can be sure that the contract is properly drafted and your interests are protected.
People enter into contracts in order to ensure that their rights and wishes are properly represented. It is important that the parties utilize an experienced attorney in drafting, reviewing and revising any contract they may be considering. Don’t find out your contract is insufficient when you are standing in front of the judge.
Mr. Gwaltney has advised business clients, individuals and entertainment professionals with regard to their contract formation and negotiation. These contracts include construction, buy and sell agreements, performance contracts, real estate, franchisee/franchisor agreements, and many others. Do not rely on internet forms or “your friend’s cousin” to ensure that your interests are protected.