A valid contract does not just include the signatures of two or more parties. There are a lot more elements that go into a valid contract. If any element of a contract is missing, or violated, the contract can be deemed invalid. Breach of contract could also come into play if any of the elements discussed in this post are not present in a contract.
All contracts require an offer by one party and an acceptance by another party in order to get the process started. The parties involved then need to agree on the same thing, in the same sense and at the same time. This is known as consensus ad idem, or meeting of the minds.
A contract must also create the intention of legal obligation. This means that both parties would be willing to go to court should one side breach the contract agreement.
The consent of all parties involved must be free from coercion, fraud, undue influence, mutual mistake of facts and misrepresentation of facts.
The object of the contract must be lawful in order for the contract to be valid. This means that the object cannot be fraudulent, opposed to public policy, immoral or unlawful in anyway.
A contract must include lawful consideration. This means that both parties should receive something in return for entering into the contract. Consideration is required to be lawful and real, not illusory.
All contracts must have the ability to be performed. If a contract has a promise in it that cannot be performed, then the contract can be deemed invalid.
Contracts should not have vague, uncertain or confusing terms in them. If any of these are present, the contract can be deemed invalid.
Contracts can be very confusing, even for the most experienced business people. A contracts attorney can answer all of your questions. Visit our site today to learn more about breach of contract in Melbourne, Florida, and the elements needed for a valid contract.