How to Make a Contract|Requirement For Contract
What is Contract
Contract is a Document of an Agreement between two and more than two parties.When one person offers to another party and another party accept the offer then it will be complete agreement or Contract between the parties.
In another country contract theory is comman and same nature as discussed in British Law and Indian Laws but nature of the agreement or acceptance question of law may be solved by there jurist in different form.
When we Draft any Agreement on the legal Document then it is very important to disclose the offeree and offerer term and condition.We should also take care of the valid agreement condition in the Drafting.
If we talk about Valid contract then we should have some information about the law's,According to Indian Contract Act 1872 section 2(h) An Agreement enforceable by law is a contract.
Indian Contract Act 1872 section 2(e) defines an agreement as every promise and every and every set of promises,forming the consideration for each other is an Agreement.
It is very important before Drafting any Agreement that disclose every part of contract specially about the purposes and types nature of your buisness if it is a buisness nature contract, All detail regarding consideration,termination,term and condition and attorney fee everything should be written on this document.
How do you write a contract?
It is very important to understand that your contract should be in simple language and it is also true that oral Agreement is also legal but oral agreement may be risky then written agreement.Because in written agreement every terms and conditions are mentioned.
It is very important to use clear language short paragraph do not take it too long try to make it point to point and divided into several paragraph.
It is very important to note that to deal with true person who is really interested into your contract do not waste your time with anyone because legal contract shall be enforceable by law and it would be valid if the parties are really exist,In your contract it is very important to disclose the identity of the parties and then proceed to pay the govt fee.
In valid Contract it is very important to discuss about the rights and duties of the parties and aware them with each and every risk in the contract.If you are discussing and then you have used a verbal language then it cannot be enforceable by the law and it is not a contract.
If you forget to add anything in the contract then you can make a written amendment if all parties initiate to amendments then it would be a part of Contract.
In the next step it is important that you should also add one or more paragraph to discuss about the fee or payment to whom it shall be paid and who will pay if the payment is for feature then it should also be added by you in the contract,you may also discuss the buisness payment method in your contract.
It is your duty to disclose that payment installation process if it is available only by any special card then it must be mentioned.
It shall be important point if you pointed out that in whish circumstances contract can be revoked or terminated automatically or by you.
It is very important to fix it that in which point or terms the contract shall terminate and it shall be accepted by every party of the contract.
In Contract it is very important to disclose that if any dispute arises between the parties then how we will resolve the matter,dispute shall be tried to resolve by arbitrator or mediator.
Requirement For Contract
Requirement of contract are consideration,Legal purpose,Acceptance,Capable Parties,Offer and Acceptance.
These all are very important to validate the Contract,First one is Consideration is a value by which you will bay or sale for your buisness or the cost of your buisness.
For Example if you purchased a bus for some of amount and you need for a buyer to sale a bus and then after making value you will send it to buyer it is consideration and here both parties have clear consideration.
In the Requirement Of Contract second is Legal Purpose to any agreement,to perform any contract it is very important that your contract is for legal subject matter it means purpose of your contract should be legal.
In the next point we have Offer and Acceptance for any contract or agreement it is very important to offer made by first party and it is accepted by another party and offer and acceptance should be free means there should be free consent by second party who will accept the offer.
For Valid Contract it is very important that all the parties should be capable to make any contract .It means party should not be minor because according to the various law's of maximum countries.
There is comman law for the contract and if minor person entered into the contract then it shall be very difficult to full fill the specific the contract according to the Agreement that's why minor party is not allowed and this contract is void.
Unsound Mind Person is also not eligible to enter into any contract this type of party is also not valid and the contract shall be treated as void.
In the Next point Mutual Assent is very important to any agreement it means that parties are agree and aware about the term and condition or risk about the contract .
It also to parties to take care about the process of there contrast and time period of the contract and know the nature of the contract is it in written form or oral form.
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