The days of shaking hands to seal a deal are long gone. These days, it is preferred that any deals made between two parties need to be in writing in order to protect each of them in the event that something goes wrong. In fact, nearly every Ohio business will enter into a contract at some point.
Understanding the basics of contracts may help. A well-written contract may keep the parties from having to go to court. However, if it turns out that litigation is necessary, a contract needs to be well written in order to be enforceable by the court.
The basic elements included in all enforceable contracts include several factors. For instance, there must be an offer of some kind, the acceptance of that offer and mutual consent to enter into the contract in order to memorialize the agreement. Secondly, some form of consideration must change hands. If you need goods or services from another party, you may pay money (the consideration) in exchange for them.
Of course, a contract for illegal activities or goods will not stand up in court. Your contract must be for legal purposes. Each party to the contract must also be able to enter into the contract.
Achieving the basics of a contract may not simple complex, but they are not the only provisions contained in most contracts. More than likely, you will want to include other provisions that protect your rights and help ensure that each party will comply with its part of the agreement. It may help to obtain help from an Ohio attorney to accomplish those goals.
Source: thebalance.com, “Learn the Basics of Business Contracts and Agreements“, Jean Murray, Accessed on Dec. 31, 2017