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