When it comes to contracts, there are certain elements that must be present for them to be considered legally binding. These elements include an offer, acceptance, and consideration. An offer is when one party proposes a contract to another party. Acceptance is when the other party agrees to the terms of the contract.
Consideration is when both parties exchange something of value, such as money or goods. In some cases, it may not be obvious that a contract is legally binding. For example, if one party offers to sell you the Brooklyn Bridge, the offer, acceptance, and consideration may all be present. However, if the party offering the bridge does not own it, they lack the legal capacity to sell it and thus the contract would not be legally binding.
It's important to make sure that all legal documents contain the necessary elements and comply with any applicable legislation. Electronic signature platforms such as PandaDoc can help ensure that documents are valid and secure. When signing a contract, it's important to make sure that all terms discussed in negotiations are included in the document. Notarized certification is not essential for a document to be legally binding, but it can help verify valid contracts in case of any subsequent issues.
A voidable contract is one that is enforceable unless one of the parties challenges it and shows that it has legal problems. Having a signed document provides proof that an agreement exists and shows that both parties agreed to identical terms. It's important to note that Rocket Lawyer is not a lawyer referral service or law firm and does not provide legal advice or representation (except in certain jurisdictions).
