There are four critical elements of every contract. You must have an offer, acceptance, consideration, and performance to have a real contract. There are issues for each element that can wreck havoc on interpretation. Learn the basics and gain an understanding of how a simple contract for a boy shoveling the snow from your driveway can go woefully wrong.
A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties. Every contract has four essential elements. The first two create ‘mutual assent’ […]