| While most people understand that contracts are | | | | being agreed upon |
| agreements between two or more parties that | | | | - An offer, which usually contains the terms of |
| outline the terms of personal or professional. | | | | the agreement |
| Contracts may involve the sale of products, | | | | - Acceptance of the offer |
| property, or goods, or they may outline the | | | | - Mutual consideration |
| terms of work to be performed. In addition, | | | | - Performance or delivery In order for a contract |
| contracts may be used to guarantee that certain | | | | to be valid, the parties must outline an agreement |
| actions will be taken or can protect against the | | | | (often including the scope of the work to be |
| disclosure of important information. | | | | performed), and must agree to the terms |
| When it comes to business, people often use | | | | contained within. If a dispute arises, the parties |
| contracts to guarantee that work will be | | | | may discuss the offer or make a counter-offer |
| performed, that employment expectations will be | | | | until the terms more closely match the needs of |
| met, or that confidentiality and business practices | | | | both entities. |
| will be upheld. Contracts can also help settle | | | | Contracts are often used to enforce an |
| disputes and are a very useful tool for many | | | | agreement made between two parties, and they |
| businesses and can help make sure that | | | | can help make sure that delivery of the product |
| transactions run smoothly for all of the parties | | | | or service is completed. Failure to do so is |
| involved. | | | | considered to be a "breach of contract" and the |
| In many cases, business owners or managers will | | | | aggrieved party may be able to take legal action |
| consult an experienced business attorney to help | | | | to make sure the work is performed, the goods |
| outline the terms of a contract and make sure | | | | are delivered, or money paid is returned. In |
| the document will stand up in court if challenged. | | | | addition, persons or businesses that fail to deliver |
| In order for a contract to be valid, it must contain | | | | on a contract may be forced to pay fines or |
| clear and concise language outlining the terms of | | | | perform additional services. |
| the agreement between the two parties, and | | | | For assistance with a business contract or |
| must be signed by both entities. | | | | contract dispute, visit the website of the Austin |
| Essential elements of a contract include: | | | | business attorneys of Slater, Kennon & |
| - Mutual consent over the terms and what is | | | | Jameson. |