Philadelphia and South Jersey Corporate & Contract Law Attorneys
When drafting a contract, there are certain criteria that must be met. Specifically, in order to consider a contract valid, the language of the contract must include:
- Consideration – the parties to the contract must be exchanging money for services or other valuable consideration. The parties may be exchanging services for services, money for services or may be agreeing to pay rent on a property.
- Acceptable Offer – by affixing signatures to the contract, the two parties have agreed the offer is acceptable to both of them and they are entering into the contract willingly.
- Legal Capacity – in order for a contract to be legal, the parties entering into the agreement must have the legal capacity to enter into the agreement. This means the parties must be of legal age and not have any mental defects.
- Legal Contract – the terms of the contract must withstand legal scrutiny including having all of the legal language that shows enforcement of a contract and what options the parties have in the event of a breach of contract.
Drawing up Contracts
Many people believe they do not need to have a contract in writing because they trust the other person. However, in most cases without a written contract, there are no means available to enforce the terms of the agreement.
There are numerous types of contracts a business may need including:
- Contracts between vendors
- Employment contracts
- Property leases
- Non-compete agreements
When you need to have a contract drawn up to solidify an agreement between you and another person or business, Marcia Y. Phillips, Esq. LLM & Associates, LLC at (856) 282-1100 for help. We can help draft contracts and ensure the terms and conditions of the contract are equitable for both parties.