A contract is a legally binding agreement between two or more parties in which an exchange of value is made. The contract’s purpose is to set out the terms of the agreement and provide a record of that agreement which may be enforceable in a court of law. Contracts may come in many forms, each with its own use and purpose. A contract can be anything from a formal written document to a verbal promise.
Types of legal contract
Written contracts provide more certainty for both parties than verbal contracts. They clearly set out the details of what was agreed. Matters that can be set out in a contract include:
It’s much safer to have something in writing than to rely on someone’s word. A written contract will give you more certainty and minimize your business risks by making the agreement clear from the outset.
Benefits of a written contract
A written contract can:
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