What is a contract?

by Timothy P. Heather, Lawyer Referral Service Panelist

Everyone deals with contracts, almost daily.  Sometimes they are in writing; other times they are spoken.  A contract is a legally binding agreement between two or more persons to do, or not to do, a particular thing. There must be a “quid pro quo” which is a Latin phrase meaning “something for something else.”

There are three basic elements of a contract.  They are:

(1)   An offer;

(2)   An acceptance of the offer;

(3)   Good and valuable consideration to support that an offer has been made and accepted.

Further, there must be reasonable certainty as to what the parties to the contract are supposed to do, or not do, and when they are to do it and the amount of consideration involved.  Also, the parties must be competent to enter into a contract, being of sufficient a

Click here to find an attorney in this area of law.

ge (18 in Ohio), of sound mind, and not under any legal disability.

 

This entry was posted in Contracts/Business and tagged , , , , , , , , , , , .

2 Responses to What is a contract?

  1. What if i created a blog with the same name as other blog accidentally? is that legal?

    • LRS Director says:

      Mr. Richardson-I apologize, but if you need legal advice you will need to speak with an attorney. The information in these blogs is for informational purposes only.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Home CLE Membership Foundation Committees/Groups Careers News & Resources About Us Contact Us