A contract is an enforceable agreement where willing parties with capacity agree to specific terms in exchange for something. It contains a promise to do or give something in return for a valuable benefit, known as consideration.
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The Enforceability of a Contract
For a contract to be valid and enforceable in law, it must comply with specific requirements.
Consensus between the parties is an essential requirement for establishing an enforceable contract. The parties’ minds must be at one or have the same intention when entering the contract. The parties must also agree on the deal’s consequences.
The parties must also have the necessary capacity to enter into a contract. This capacity also relates to the age or mental capacity of the relevant party. This party must be able to appreciate the consequences of entering into the contract.
The contract must also be set out in definite terms, ensuring all aspects are understood. The agreement must be specific and clear.
All formalities must be adhered to concerning the conclusion of a particular contract. These will typically be legal formalities that affect the validity of the agreement.
The agreement must also be lawful to be enforceable and valid. One cannot enforce an illegal contract.
The performance set out in the contract must also be possible for the contract to be valid.
Different contracts will also require their formalities. Some contracts must be in writing, such as those agreements that relate to the disposition of immovable property.
If you doubt the enforceability of your contract or may need to rely on any of these grounds relating to legal contracts and business law, contact Bregman Moodley Incorporated today for professional advice and assistance.