And if both parties DON'T sign a contract, is it binding? And can one party say it's a contract and treat it as such?
2006-08-31 18:39:41 · 10 answers · asked by vector4tfc 4 in Politics & Government ➔ Government
Both parties do not need to sign a contract to have it binding. It does however need to be signed by the party that the contract has a binding on. Your home loan company does not sign your loan docs, and it is a binding contract. Your landlord does not sign your leasing agreement, yet it is also a binding contract.
2006-08-31 18:48:40 · answer #1 · answered by JustJake 5 · 1⤊ 0⤋
Why would it be binding if just one person signed? Then anyone could sign a document of any kind and force someone else to comply though they might disagree?? No!! You can have an oral agreement or contract, but there would have to be a lot of trust with both parties. Unfortunately, that wouldn't be prudent today--too many people don't comply with a signed and legal contract as it is.
2006-08-31 18:48:33 · answer #2 · answered by AFL lover 4 · 1⤊ 0⤋
A contract is formed when money or other goods are given and taken. The contract does not have to be in writing although this can make proveing what the intension of both parties difficult.
2006-08-31 18:45:32 · answer #3 · answered by Kenneth H 5 · 1⤊ 0⤋
There is such a thing as an oral contract, but it takes a sense of honesty from both parties and they are nearly impossible to enforce or take to court over.
2006-08-31 18:41:54 · answer #4 · answered by OatesATM 3 · 1⤊ 0⤋
Yes you can have a verbal contract and you can take it to court. The other person is sworn under oath to tell the truth. If you have witnesses make sure you bring them with you. You can go to small claims court if its under what your states limits are on the amount. In Arkansas you can sue someone in small claims court for up to $5,000.00. A oral contract is good for 5 years and a written contract good 10 years (if I remember this correctly). So call you District Court Office and ask how much is the limit on the amount and oral contract in years. My experience most of the time the truth will come out in court.
2006-08-31 18:59:03 · answer #5 · answered by Jan G 6 · 0⤊ 0⤋
Contracts can be verbal, but such become quite sticky in court. It's always best to put it on paper and have it all nice and legal for when the inevitable difference of opinion arises.
2006-08-31 18:41:15 · answer #6 · answered by christopher s 5 · 1⤊ 0⤋
If it is a written contract both parties must sign it for it to be binding.
2006-08-31 18:44:45 · answer #7 · answered by samasthecool 2 · 1⤊ 0⤋
No. However it would depend on circumstance. Like if you signed a contract then you would be bound to the contract, if you did not sign it then you would not be bound to it. A signature is a very important thing, which is why people always read what they sign.
2006-08-31 18:44:19 · answer #8 · answered by profile image 5 · 1⤊ 0⤋
Just like you cannot clap with one hand, You cannot have a contract which is legally valid with one of the parties not endorsing it.Hope it helps.
2006-08-31 18:47:44 · answer #9 · answered by Syntax 2 · 1⤊ 0⤋
Maybe
2006-08-31 18:44:27 · answer #10 · answered by Anry 7 · 0⤊ 1⤋