What is a contract?

A contract is another word for agreement and usually refers to a legally binding agreement entered into between two or more people or companies.

The basic elements of a contract are:

  • there is an offer that is accepted;

  • it is intended it to be legally binding;

  • the parties have capacity to eanter into the contract;

  • there is certainty in the terms of the contract; and

  • something of value is being exchanged.

Do contracts need to be in writing?

A contract may be written or oral or partly written and partly oral. However, some contracts are required by the law to be in writing. These include:

  • buying and selling of real estate; and

  • buying a car from a licensed car trader.

Even if the law does not require a contract to be in writing, it is wise to do so.

A written agreement limits the likelihood of a dispute arising about the legality of the contract and the terms of the agreement. A written agreement confirms your rights and obligations.

What we can do

At Lex Fori Lawyers we can:

  • advise on the legal requirements of contracts;

  • draft terms of a written contract;

  • negotiate terms favourable to your particular interests;

  • advise on legislation that must be considered;

  • advise on the legal consequences and options if terms of a contract are breached; and

  • if necessary, enforce the contract in Court.