In order to be legally binding, a contract must meet five requirements.
- One Party has to have made an offer of some kind.
- The other party must have clearly accepted this offer.
- The parties must be “competent“.
- The contract cannot be related to illegal conduct.
- Each party must agree to do something or give something up (also known as “consideration“).
Check out our database of legally binding contracts to ensure your next agreement is documented.
