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A contract is an agreement between two or more parties that obligates the parties to perform or not to perform certain duties. In order to protect your rights under a contract, certain key components should be included in the contract.
First, while oral contracts are enforceable, they can be hard to prove, so it is important that contracts be in writing in order to ensure that all key components are clearly outlined and no confusion exists. Some agreements, on the other hand, must be in writing according to law,1 such as contracts for the sale of real estate, the sale of goods over $500, and those contracts under which performance cannot be completed in a year. In any case, a written contract is always the safest way in order to preserve the contracting party’s rights.
A primary component of a strong business contract is that the contract will identify all contracting parties. If a business is solely responsible for the contract, the contract should clearly specify that. On that note, if a person signs the contract on behalf of the business, the officer should indicate the full name of the corporation and that he is signing as an officer of the corporation and not as an individual.
Another key component of a strong business contract is that its language is clear and not confusing. Short and clear sentences as well as descriptive paragraph headings will make the contract easier to understand and will avoid vagueness.
The most important component of a good business contract is that it contains all of the significant and necessary terms. The contract’s material terms should be clearly stated instead of implied, such as:
A good business contract will also specify which state law will apply to the contract, any required alternative methods of dispute resolution such as arbitration,2 and any conditions under which the contract may be terminated. Finally, the contract must be signed. The party who wishes to enforce the contract will have to prove that the contract was signed.
To best ensure you have a valid and favorable contract, you should have every contract reviewed by an experienced Houston business contract attorney. Call The Weisblatt Law Firm LLC today for assistance at 713-666-1981.