03/21/2022
There are several reasons why a contract or portions of it may be deemed unenforceable and there is no one size fits all answer to this question. 🤨
In general however, a legally binding contract must have the following 3 elements:
1) Offer - A specified offer to do (or not do) something must be made. (I.e. Bob offers to sell you his vehicle in exchange for $10k). ☑️
2) Acceptance - A showing that the offer made was accepted by the other party. An agreement to be bound by the terms. (I.e. you sign the contest agreeing to purchase Bob’s car for $10k). ☑️
3) Consideration - The benefit of the bargain that each party to the contract gets from the agreement. (I.e. Bob gets 10k and you get the vehicle). ☑️
Although contract law is complicated and several factors will come into play to determine the enforceability of the specific contract in question (I.e verbal or written, competency of the parties, etc.) the above three basic factors are a good place to start and will come up in every contract dispute. 📄🖊
This post is for informational purposes only & is not intended as legal advice, nor does it create an attorney client relationship.