A legal contract can take many different types of forms. Not all legal contracts are written. Some legal contracts can be a simple matter of a verbal promise of something in exchange for something else. Statutes differ, but as a general rule, any contract involving remunerations of $500 or more requires documentation in order to be valid. Verbal contracts are made on the basis of ethics and tradition.
Written or printed (or word-processed) legal contracts can be quite simple or extremely complex. In its simplest form, a legal contract can be a sentence or two, with two or more parties signing the document. The contract constitutes a legal basis upon which any party can sue the other in case of a failure to comply with the terms of the contract. This failure to comply is called ‘breach of contract’.
The more complex legal contracts can be comprised of one page, many pages, or dozens upon dozens of pages. They can take the form of employment contracts, in which an employer and an employee or contractor agree on the job description and remuneration, or business contracts, which refer to contracts between two or more businesses. Business contracts can become very complex, including terms, conditions, specifically stated remuneration terms and deadlines, expiration dates, and so on.
Lawyers are often present during the signing of a contract. Sometimes a ‘notary public’ is used. A notary public is someone who witnesses and validates written contracts, then physically places a seal of approval on the finished contract deal.
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Employment Contracts
10 August 2010 8:30 PM |
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An employment contract is a documented agreement between an employer and an employee. It is legally binding. The main features of an employment contract are the job portfolio of the employee and the manner in which the employer will make monetary compensation. Companies have a...
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Contracts
10 August 2010 8:30 PM |
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A contract is an agreement between two or more parties to undertake a task. A contract may be oral, communicated, written or just plain understood. Contracts may be between any two people. An acceptance of a son to do a chore for the mother in...
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Business Contracts
10 August 2010 8:30 PM |
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A business contract is a legal promise made between two or more parties. A contract may be drawn when the associated parties wish to enter into a transaction like buying or selling, performing services, leasing properties, collaborating in joint ventures, advertising, manufacturing, distributing or selling...
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Contract Lawyers
10 August 2010 8:30 PM |
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A contract is a legal form of agreement between two or more people to undertake any legal act. Contracts are the basis for all business agreements. A legal contract is valid only when all the concerned parties signed it. When any of the contracting parties...
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Labor Contracts
10 August 2010 8:30 PM |
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A labor contract is a contract entered between workers and management covering wages, benefits and working conditions. Labor contract is a legal agreement binding both employer and employee and enforceable by law. Labor contracts facilitate certain benefits to the workers like better healthcare, increased and...
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Catering Contracts
10 August 2010 8:30 PM |
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Catering contracts are legal agreements entered by the consumer and caterer to supply food for a specified period or a particular event. Catering contracts facilitates food services at sporting events, airlines, and university canteens, office canteens and in many social gatherings. Some well-known and innovative...
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Notary Public Classes
10 August 2010 8:30 PM |
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A notary is a public servant selected by a state official. He is an impartial witness to the signing of legal documents such as affidavits, deeds or powers of attorney. Many states offer notary public classes and seminars to help aspiring notaries achieve their commission....
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Notary Public FAQs
10 August 2010 8:30 PM |
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A notary is a public official who plays a very important role in law and business. Almost all agreements that you perform in everyday life need legal backing and proof. The notary public is legally empowered to acknowledge signatures, conduct oaths and affirmations, and issue...
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Notary Public Insurance
10 August 2010 8:30 PM |
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A notary public plays a major role in business and law. Almost all the things that you do in your daily life need legal backing and proof. It is the job of a notary to administer these duties. The notary is a public servant whose...
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Boat Loan Contracts
10 August 2010 8:30 PM |
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You do not need a signed contract on a boat in order to qualify for a loan. However as a boat purchaser, you have to get financial pre-approval. You can even consider getting a loan before you start shopping for a new or used boat....