Illinois’s business owners know the importance of a legally binding contract when it comes to outfitting their space or doing business with vendors. Without contracts, many aspects of the company would never succeed.
Dealing with someone who does not believe in utilizing the help of a professional attorney when drafting a contract may wind up backfiring. Signing a contract that may not wind up legally binding can provide little to no remedy should the terms of the agreement go unfulfilled. The team at Howard & Hardyman, LLP, wants your business deals to remain ironclad. Understanding what elements make a contract legally binding may help you spot the ones that fall short.
The items or services
Some contracts deal with tangible objects, like real estate, while others deal in services, like accounting. Regardless, the service or thing that is the subject of the contract must remain clear throughout. The agreement must detail the arrangement concerning the particular handling of the item or service.
A contract is between two or more parties, and a legally binding agreement explicitly states who they are. Typically, this occurs in the introductory paragraph, but further detail can appear anywhere in the contract.
Money needs to exchange hands if a contract is binding. The consideration is the value placed on the goods or services outlined in the agreement.
The contract must detail the terms of the deal between the parties at great length. The exact terms and conditions should appear throughout clearly written. The parties must give their consent and acknowledge that they qualify to give full consent, are of sound mind, and do not enter into the contract under duress.
Contracts can become tricky to uphold in the instance of a breach. If you want further information on the subject, visit our website for help.