Agreement Between A Contract And Agreement

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Most contracts do not make it to court, and they could be verbal unless there is a particular reason for the contract to be in writing. When something concerning the contract does not work out, a written contract protects both parties. If a party of a valid contract believes the other party has broken the contract, the party harmed can bring a lawsuit against the party who it believes has breached the contract. Through the legal process a determination is made if the contract was broken or if there are events that may have negated. Courts only listen to contract disputes, when the contract is valid (Murray, 2016). Most people use the words "contract" and "agreement" they are not the same. The difference between a Contract and an Agreement…show more content…
The value can be money or services, but all parties must receive something. All parties must comprehend the seriousness of the situation and understand what is required. If one party is not competent, the contract is not valid, and the non-competent party can reject the contract. The contract is only valid for a legal purposes, it cannot be used for something illegal, like selling drugs or prostitution (Murray, 2016). It is not illegal to enter into a contract that does not have all of the essential items, however, contract will not be enforceable in court if it is missing one of the six elements. Also, there is not a requirement that a contract be written for it to be enforceable. Moreover, there are particular types of contracts that are required to be written to protect all parties from fraud. The state laws conveying to this are called, "statutes of fraud." Statutes of Frauds are contracts that must be in writing. They are contracts that answer to a creditor for the debt of another, marriage contracts, contracts for the sale of real estate or relating to an interest in real property and contracts not to be performed within one year of the contract effective date (Murray, 2016). There are two types of contracts. An expressed contract states the promises in clear language, and an implied contract, where behaviors or actions lead parties to believe an agreement exists (Kadian-Baumeyer, 2016). An example of an express contract would be when one
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