What Is A Legal Agreement?
Are you considering to sue someone for not breaching the agreement? Or are you the on sued? Whether it is for a business matter or not, only a few people know how to make a contract legally binding. A legal agreement needs a certain procedure to make it powerful in front of the law.
A contract is an agreement about something that has been discussed by the parties involved. This is purposed to outline the agreement so both parties have the records and guidelines on how to resolve the disputes in the future.
What makes the legal agreement important is that the lawsuit is very expensive which means that a party will lose control over the case because in the end the judge or jury will be the one who decides. Therefore, you should make a written agreement.
Just in case you need a template that can help you make the contract, you might want to download the service level agreement and template for legal agreement. We also have other templates that can help you draft the document properly without missing out on any important details.
In short, the contract should include certain elements such as parties that are involved, lawful object, consent of the parties and also a consideration. All of the aspects will be discussed as follow:
- Parties – Everyone can be involved in the contract as long as they are part of the partnership or transaction. The people who cannot be involved here are certain felons, minors, and the unsound mind. The parties should be identified clearly. This includes the names, entities, addresses, and others representing the party’s description.
- Consent – A party should have consent which should not be one-sided. The parties should discuss and communicate it together. The agreement should be something mutual. It cannot be by influence and each of them should conscious about it. A person who has signed a contract because there was a gun pointing the head will not be considered as a valid agreement. The meaning of consent here is each party has agreed on the same thing and have the same understanding and expectation.
- Object – The object here is the thing that is being agreed upon by the parties. The object here should be definite, lawful and possible. For example, an agreement can go wrong when some parties make a deal that violates the law. For example the drugs! This is not something that the law can agree when it is for a business thing that might damage other people.
- Consideration – Each party that is involved should gain something. Each party should get something in return. For example, when a party wants another party to send the goods, and they send it, then the party also must pay it. If one of these factors is not met, then the agreement fails, which means one of the parties doesn’t reach an agreement. In case both of them have signed the contract, then it can be said that one of the parties has violated the agreement.
If you want to learn a legal agreement, you can download our template for free here! It always comes with complete elements.
Legal Agreement Templates Sample