The Importance Of Conracts And Agreements Contracts

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The Importance of Conracts and Agreements Contracts and agreements are essential to everyday people and businesses that enter into an agreement for either services or products. According to the text, “ a contract is a legally enforceable agreement between two or more people. Although all contracts contain enforceable promises, not all promises result in contracts” (Rogers, 2012). Rental agreements is one of the most common used and often one that becomes problematic in certain instance. Contracts or agreements should be clear and lawful to alleviate potential problems between parties. Although, there are many types of contracts and agreements at a minimal rental agreements must explain the following: Names of all tenants, limits on…show more content…
The text explains in order for a contract to be valid, five basic elements must be present which are offer, acceptance, consideration, legality and capacity (Rogers, 2012). Offer Moving can be a daunting task and finding the perfect place can be even more challenging. Before the move, I remember looking online and reading about different places that met my needs at the time but did not have any openings. The budget I had did not allow much flexibility so staying within my limits was essential. After arriving to the new city my timeline was tight and I needed a place immediately. I ended up finding an apartment even though it lacked all of the things I wanted. The offer was reasonable, thus compelled me to consider. An offer is an invitation to another to enter a contract. Acceptance Acceptance is the “acquiescence to enter into a contract under the terms of the offer” (Rogers, 2012). After signing the contract, I agreed to the terms therein and was binded by law to comply. Some of the key terms were $850.00 for 12 months, water and trash is included in the rent, a $200.00 referral bonus was given for anyone that signed a lease with the company that I reffered and a 24 hour gym. Eventough I was not completely satisfied, it was time to move forward and make the best out of my situation. I started to write down the pros and cons of the contract/lease in order to make a more informed decision at the end of the contract wheter to renew or move
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