In order to be legally binding, a contract must meet five requirements.

1. One Party has to have made an offer of some kind.
2. The other party must have clearly accepted this offer.
3. The parties must be “competent“.
4. The contract cannot be related to illegal conduct.
5. 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.