How to Fill Out a Business Contract Between Two People. Make sure to carefully review your contract prior to signing. Jupiterimages/Photos. Getty Images. Completion of a valid business contract requires that the parties properly determine the terms of the contract prior to signing. The appropriate terms of the contract will depend on the relationship between the parties, the type of business being conducted, the type of goods being exchanged and the need to make changes to the business relationship. Generally, if you already have a contract, there will be very few items that must be filled out to complete the agreement.
Essential Elements. All business contracts must contain the essential elements of an agreement. The essential elements include consideration, offer and acceptance, a legal purpose, capable parties and mutual assent.
Service agreements and contracts. Letter of Agreement between Parties. An agreement is a mutual understanding between two persons or two companies planning to work together towards accomplishing a. When writing a contract between two people. A standard contract between two parties plainly states the good or service that each party is promising to the.
Consideration means something of value must be exchanged. Offer and acceptance and mutual assent refer to the concepts that the parties have both reached a basic understanding and one party must accept what the other is offering. To be capable of assenting to a business contract, the parties must both be 1. If you wish to enter a business contract with a minor you should have the minor's parents sign the contract.
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Payment. A business contract must state the terms of payment including how much the party purchasing goods or services will pay, when payment will be made, how payment must be made and what will happen if payment is not furnished in a timely manner. For business contracts for the sale of goods, the parties may also stipulate what will occur when the goods do not conform to the specifications. If your business contract has blank sections so that the parties can dictate payment terms upon signing, those sections must be completed prior to signing. Term. If the business contract does not specify a term, the parties may specify a term by writing it into the contract and having both parties initial the entry. Most contracts typically specify a limited term such as one year or one month. However, some contracts will dictate a term based on performance goals rather than a fixed period of time.
The term of the contract can be specified in any manner agreeable to the parties. Signing. To properly execute your business contract, it must be signed by both of the parties.
Contracts 101: Make a Legally Valid Contract. Let's take a closer look at the two required contract elements: agreement between the parties.
It is also generally a good idea to have the parties date the contract and provide their primary addresses. Depending on the nature of the contract you might also wish to have witnesses sign the agreement or have the agreement notarized by a notary public.
Be certain to carefully complete the signature section of your business contract and make sure that the other party does the same. About the Author. Louis Kroeck started writing professionally under the direction of Andrew Samtoy from the .
Kroeck is an attorney out of Pittsburgh, Pennsylvania specializing in civil litigation, intellectual property law and entertainment law. He has a B. S from the Pennsylvania State University in information science technology and a J. D. Photo Credits. Jupiterimages/Photos.