What Is A Contract?

A contract is an enforceable oral or written agreement between two or more people. The formation of a contract is accomplished when there is an offer and acceptance between the contracting parties and the exchange of “consideration” (that is, something of value).

What Happens If You Signed A Contract Before You Turned 18?

With a few exceptions, contracts entered into by minors are not enforceable and may be rescinded. However, contracts of necessity, like food or shelter, are typically binding despite having been entered into by a minor. Minors may also be able to enter contracts for educational purposes[1] or, in some circumstances, under the “Home, Farm and…

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Does A Contract Have To Be In Writing?

Not necessarily. However, if the contract is for your payment of another person’s debt[1], if it concerns real estate[2], if it lasts more than one year[3], or if it transfers property after death (i.e. a will)[4], it must be in a signed writing. [1] §§ 725.01 and 687.0304, Fla. Stat. [2] § 689.01, Fla. Stat.…

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Why Are Written Contracts Useful?

If a problem arises, a written contract would offer proof of the agreed-upon terms and conditions between the people making the contract (parties). This may be beneficial in a court of law. With some exceptions, a court may not accept evidence about oral terms of the contract if there is a written contract that is…

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What Should You Do If You Are Asked To Sign A Contract?

Read the contract carefully and make sure you understand all of it, cross out any parts that are not what you agreed to and write in the parts of the agreement you want that do not appear in the written contract. Initial the changes and have the other party do the same to indicate his/her…

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