So with this article, I'll go through the essential elements of a contract without the legal terms and hopefully some help when considering making your agreements.
What is the focus of the agreement, and what is offered? For example, if it's a house sale, the house is the offer.
There has to be a consideration in regards to the offer. Most properties will legally require consideration of at least £1.00. You can't provide something for free; something is always required in return.
There has to be a shown acceptance of the offer and considerations. This can be in a signature or a handshake or even by giving the nod at an auction.
There needs to be a clear intent to enter an agreement for it to be defensible by law. That means it needs to clearly be an agreement you are making and that you can prove all parties intended to engage with the deal.
The capacity of the participants
Parties with an agreement need to have the mental, legal and physical capacity to agree. This is to prove people who are at risk of being taken advantage of. For example, you cannot make a legally binding agreement with a 5-year-old no matter how hard you try!
Was this article helpful?
If you’d like to share your thoughts or experiences, then get in touch at firstname.lastname@example.org
Your feedback helps us improve every day.