WHAT IS legally binding contract?

Answer 1

A contract is a promise or set of promises agreed upon by two capable people. "Capable" meaning one who is mentally and legally (i.e. age wise) Capable to enter into a contract. The contract will NOT be legal if one party is forced to sign a contract or if one party is legally and/or mentally incapacitated to enter into such an agreement coherently

Answer 2

Generally, a contract is an agrement between two parties. For the contract to be binding:

1. The parties must be of legal age. In some states it is 21 years of age in others it is 18.
2. Both parties must be free of duress (Not be forced to agree)
3. There has been consideration or something of value place on the table for exchange.
4. There must be sufficient witnesses to verify the authenticity of the agreement.
5. It can be written or verbal, although verbal contracts are harder to prove.

Answer 3

You've already gotten good answers as to what is legal and binding...one thing that wasn't mentioned though is that it has to have a time constraint. Well...it doesn't have to, but it should. For instance, if you enter into a contract to have your house painted, you should have the painter stipulate WHEN the work will begin and maximum time for completion. If you don't do that, it's "open-ended", which is NOT good for you. If the contractor fails to perform the work within the agreed-upon time period, you can legally cancel the contract.

In most states, any financial contract involving a loan or major purchase (such as home, vehicle, furniture, etc.) must have a 3-Day Right of Rescission. If you decide to cancel the contract IN WRITING within that 3-day period, the contract has been legally canceled.

Answer 4

A legally binding contract is one which has at least the three following things
1. An offer has been made
2. The offer has been accepted.
3. There has been consideration.
It may be a verbal contract or a written contract - in either case there has to be evidence to prove the contract.

Answer 5

All of these answers are half-right. Basically, a legally binding contract can be oral or written, although written is preferred. Technically, its anything or anything. For example, you can trade a car for a piece of popcorn. In law school, they call that consideration. Thats all you need for a legally binding contract.

Witnesses, signatures, thats all great, but thats to PROVE you have a contract, but it doesn't define one.

Answer 6

Combine DemoninLove's good answer with the age requirements noted by Bruce Frazier, and you have the perfect answer, with one qualification: the age requirement varies from state to state - so you have to check local law to be perfectly sure.

But offer, acceptance and consideration by parties who are of legal age, with an absence of fraud or other defenses (such as mutual mistake) is the textbook requirement for formation of a contract.

Answer 7

anything that can be used in court. If it has your signature is usually the best proof, although a recorded verbal contract or an agreement that you write can be held against you. Its just harder to prove actually intent and specifics. Its best if its written.

Answer 8

legal and binding sounds the same as law and ethics. hardly anything is actually binding.

Answer 9

It is a written contract in which both parties agree and it has to be witnessed..,preferably by more than one witness.

Answer 10

It means that you are obligated to fulfil your half of an agreement, just as the other party is obligated to fulfil their obligations. Failure to do so means you can take them to court, and the contract is proof an agreement existed, acting as evidence for you.