Contracts and Lawyers
Contracts are very common documents that have been utilised since the onset of civilisation, and still remain prominent in this time and age. They are constant features that can be found in nearly every field and scope of life.
The list of sectors where contracts are drawn up for various transactions and routine agreements is almost endless. Fields where the use of contracts have become an essential norm include finance, business, recruitment, academics, sports, and even arts and entertainment.
It is almost impossible to accomplish anything substantial in these important sectors without penning signatures on the dotted lines of drawn-up documents.
What is a contract?
A contract is basically a binding agreement between two or more individuals, which more often is enforceable by the law court. While most contracts, especially the ones that can be enforced in a court, are crafted on pieces of paper, it is not unusual to have them verbally formulated.
The composition of a contract, which may vary, primary includes the conditions both dealing parties are agreeing to, the duration of the agreement being made, and probably the most crucial — penalties both agreeing parties will face if they do not fulfil their obligations in the contract.
Remember, not all contracts — including those inked on pieces of paper — are actually binding in a law court. To be regarded as a binding document, a contract must have the following prerequisite and elements embedded during its creation.
The parties involved in the contract formulation must 100% understand the details of the contract they are signing. This simply means that the terms of agreement cannot be printed on a sheet of paper if consents from both parties have not been received. Fashioning a contract without consent is a ground for nullification of the said contract.
Purpose of contract must be legal
This is really clear and concise, I mean, there is a reason why drug dealings between mobs and traffickers are not inked on documents for contractual purposes. It is basically because the illegality of the subject makes such an agreement — if it ever exists — null and void.
An offer and an acceptance
Within all the technicalities that make up a contract, the major gist is that it contains the proposal of an offer with the terms that attached to it, and the acceptance of that offer while fully agreeing to those terms.
Basically, a section of the document features the offer a party is willing to make, along with the conditions tied to the offer; while another section includes the possible acceptance of the offer.
With both parties putting pen on the dotted lines of the sections allotted to them, it is safe to say that a binding contract is in full effect.
What does all of this have to do with lawyers?
Whatever the aim of a contract is, whether to seal a business agreement, recruit personnel, purchase or lease a property, receive the endorsement of a celebrity, and even if it is for prenuptial agreements; it is most advisable to seek the knowledge and expertise of a lawyer before penning a signature on the much dreaded line.
Because lawyers are custodians of the law, they should be included in the drafting process of a contract, and must be present to extensively explain to both parties, the content of the contract, while also looking out for the interest of their client.
The last thing you want to do is to sign a contract without a lawyer present to analyse the document within your grasp. Claiming ignorance may not help you when legal proceedings commence, especially if the other party can proof that the terms were well explained to you.
If you need the services of a lawyer in a contract situation then visit LKCLawFirm.com, and get the best of legal consultation and advice.