I had a disagreement with another person about the importance of having a contract in writing.?

Question

Can anyone else give me their input on the importance of a contract, and having cetain transactions in writing?

Answer 1

If you have a feeling there should be a contract, then by all means it is your choice and right. If the contract is with this person who is disputing your choice, then by all means I think a contract is important.

Answer 2

No two people see things from exactly the same perspective. If there is a disagreement as to what was agreed upon, the contract is proof of what the contract terms actually are.

When you hear the words, "Trust Me" and "We don't need a written contract", you need to either run away very fast or get a written contract for sure. Especially if it is family or a church member.

If THEY draw up the contract, spend 3 days studying it before signing it. Especially if it is family or a church member.

Answer 3

A contract is an agreement between two or more people to do something ,especially one formally set forth in writing and enforceable by law. The transaction can be a buy and sell, a transfer of property, a rental agreement, the building of a structure,designing and engineering an Interstate highway. Any " I will do " and "You will pay" signed by both parties is a contract.

Answer 4

If you will go to most business supply stores (Staples, etc.) you can get the premade ones. NEVER do any business without a written contract, and get it notarized. It will be less than $5.00 and the best money you ever spent. We once let relatives just take over payments on a house in our name because they couldn't get a loan. We quickly found out why they had lousy credit when we got the foreclosure notice in our name. Now our credit is trashed, and I had to dip into my 401k to catch payments up and then fix up what they had destroyed so we could sell it. Another time we sold a used car to a buddy who was supposed to pay it off $150.00 per month. He almost never had the money until we went to repo it. Then he got busy. Trust me - if they can't pay cash in hand I don't sell - it doesn't matter who it is - business is business.

Answer 5

A contract is very important because it tells you in detail what you should do. If you're working, and you don't have a contract it's really confusing on your part. Your employer can just kick you out anytime. You can also abandon your responsibility anytime even without your employer's permission.

Answer 6

If you know for a fact that the other party is completely honest and true to its word then why make a written contract? But, human nature being what it is, why would anyone believe that it is beneath someone else to go back on his/her word?

Answer 7

contracts are the most amaaazing idea ever! you wont realize the importance of it until you wish you had it! trust me, make a contract especially if its something money involved or a really big involvment of any kind! It never hurts to have one! If the other person doesnt care to have one, then they should have no problem just signing one that you make. DO it! It may just help you in the end when ur stuck in a "thats not wat i agreed to!" moment :)

Answer 8

There are certain contracts which are unenforceable unless in writing. These include leases of property for more than one year, or any transfer of ownership of property. The relevant piece of law, derived from the old English common law, is called "Statute of Frauds/"

Answer 9

Yes, have a contract. But you are not required to have an attorney draw up every contract. For simple things you can draw up your own contract.

Answer 10

Sure i would think it's OK but with all these reporters would they the yahoo police think it's alright.I lately everything poems questions and answers are all getting reported and deleted but i would like to do it like that if had a problem with another...great idea.