Make a Legally Valid Contract
All you need is a clear agreement and mutual promises to exchange things of value.
Lots of contracts are filled with mind-bending legal gibberish, but there's no reason why this has to be true. For most contracts, legalese is not essential or even helpful. On the contrary, the agreements you'll want to put into a written contract are best expressed in simple, everyday English.
Most contracts only need to contain two elements to be legally valid:
- All parties must be in agreement (after an offer has been made by one party and accepted by the other).
- Something of value must be exchanged -- such as cash, services, or goods (or a promise to exchange such an item) -- for something else of value.
Does a contract have to be in writing? In a few situations, contracts must be in writing to be valid. State laws often require written contracts for real estate transactions or agreements that will last for more than one year. You'll need to check your state's laws to determine exactly which contracts must be in writing. But even if it's not legally required, it's always a good idea to put business agreements in writing, because oral contracts can be difficult or impossible to prove.
Let's take a closer look at the two required contract elements: agreement between the parties, and exchange of things of value.
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