3 Requirement of a Legal Contract
In order to write a legally binding contract, one must satisfy a number of requirements that provide a clear, concise, and agreed-upon foundation unto which the terms of a contract can be clearly-stated and understood. Although there exist various forms of contracts, such as verbal contracts and agreements, a written contract is considered to be the most ideal version of a legal contract, as it provides written, physical proof of the agreement as stated in the contract.
A legal contract must:
1. Result from an agreement of both parties included in the contract. This is deemed a ‘meeting of the minds’ in legal terminology.
2. State clearly all terms, requirements, regulations, and contingencies involved in the specific agreement.
3. Be signed by individuals over the age of 18. Individuals not considered to be of sound mind, which includes mental illness or an intoxicated state, cannot participate in the legal binding of a contract.
Contract laws has more information on writing legal contracts.
