What makes a contract legal?

Question

Specifically, is a "letter of representation" or "representation agreement" considered as a contract? And what minimum requirements should be described in the document by law?

(Referring to: Public Adjusters Contract and/or Letter of Representation)

What can be done about a contract when one party believes the contract was not specific enough and was too vague? Must a contract with a public adjuster have a "Notice of Right to Cancel" section?

Answer 1

You need an offer, acceptance and consideration (payment of some kind). A contract is considered a meeting of the minds, so those elements are described in the agreement.

If the contract is vague or ambiguous, the ambiguity goes against the party that wrote the contract.

Answer 2

A contract is an agreement (mutual assent, offer and acceptance) of definite and certain terms, with both parties providing consideration (something of value).

So, once there is an agreement, a "meeting of the minds" and consideration is exchange (even a promise for a promise), then the contract is formed.

Only certain agreements must be in writing, under what is called the Statute of Frauds. If the subject matter of the agreement is not within those certain types, then the contract does not need to be in writing.

If there is a writing, then the contents of the writing could be analyzed to determine if the meet the requirements for contract formation (above).

Answer 3

usually, you decide on right here to create a valid settlement; a million. a gathering of the minds as to the words. 2. id of the events to the settlement - you may no longer have a settlement with the international. 3. An replace of fee. 4. you may no longer settlement to do an unlawful act. you will have verbal contracts or contracts known without the two side asserting a notice - their strikes can carry the settlement into being. No witnesses are required ( in spite of the undeniable fact that they help in case you need to circulate to courtroom later) and you will draw your individual settlement up. you do no longer ought to state that this would be a settlement. The words and stipulations are element of the "assembly of the minds" - based the place contained in the contractual degree you're, a failure of the minds to fulfill can incur remediation by utilising a courtroom or a voiding of the ontract. There are all kinds of issues which could make a settlement unenforceable - fraud, rigidity majeur, assorted different little tricks that attorneys dream up.

Answer 4

The actual laws on contracts will take 1000's of pages in text books, and in general while there is general and commom law that is taught in basic 1st year law school, In real life, each state has 1000's of laws and many more 1000's of court rulings on what can be considered according to thier state law.
With that you have UCC laws and codes that apply

But in general you will have to have an offer and acceptance, and normally some form of consideration given.
In some cases without consideration, the agreement will have to be acted upon.

Answer 5

Check with some legal websites for verification.

Some elements of binding contract are:

1. Names of the parties
2. Consideration
3. Acknowledgement of the Parties
4. Intent

1) n. an agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefit known as consideration. Since the law of contracts is at the heart of most business dealings, it is one of the three or four most significant areas of legal concern and can involve variations on circumstances and complexities. The existence of a contract requires finding the following factual elements: a) an offer; b) an acceptance of that offer which results in a meeting of the minds; c) a promise to perform; d) a valuable consideration (which can be a promise or payment in some form); e) a time or event when performance must be made (meet commitments); f) terms and conditions for performance, including fulfilling promises; g) performance, if the contract is "unilateral". A unilateral contract is one in which there is a promise to pay or give other consideration in return for actual performance. (I will pay you $500 to fix my car by Thursday; the performance is fixing the car by that date.) A bilateral contract is one in which a promise is exchanged for a promise. (I promise to fix your car by Thursday and you promise to pay $500 on Thursday.) Contracts can be either written or oral, but oral contracts are more difficult to prove and in most jurisdictions the time to sue on the contract is shorter (such as two years for oral compared to four years for written). In some cases a contract can consist of several documents, such as a series of letters, orders, offers and counteroffers. There are a variety of types of contracts: "conditional" on an event occurring; "joint and several," in which several parties make a joint promise to perform, but each is responsible; "implied," in which the courts will determine there is a contract based on the circumstances. Parties can contract to supply all of another's requirements, buy all the products made, or enter into an option to renew a contract. The variations are almost limitless. Contracts for illegal purposes are not enforceable at law. 2) v. to enter into an agreement.

Answer 6

Yes, it is considered a contract once both parties to the agreement sign it. If you're talking about what your lawyer had you sign in order to represent you on a contingency basis, I would need more details as to what was (or wasn't) in the contract. A written contract has a lot of weight. Even oral contracts have weight.

Answer 7

Depending if the contract itself it's legal according to the law, the signature of both parts makes it legal

Answer 8

Catspaw has the most accurate answer. Both parties must agree to give up a legal right or duty.

Answer 9

The signatures at the bottom with a date.

Answer 10

Signature and date are the most important contract items.