One of the easiest ways to have a deal nullified is to not put it in writing. In most cases, a court will rule that a contract does not exist unless it is written out. Having a physical document helps to outline the agreement and the obligations of both parties concretely.
The first step in putting together a valid contract is to address the intent of the contract. This could be anything from partners agreeing to split profits from a business or a service provider agreeing to outsource a portion of the project to a third party for completion. In addition to addressing the intent of the agreement, the major terms of the contract must also be considered. For instance, it may be worthwhile to specify the price of services performed or products sold and set deadlines for when payments must be made.
Other major terms may include how often a service must be provided or how many units must be sold per order. Some contracts might also include provisions that outline how a breach of the terms of the agreement is handled. After the major terms have been agreed upon, they can be established in a written document that should be signed by both parties to ensure its validity.
Copies of written agreement may be beneficial during contract disputes. Having a written document provides an individual with a tangible piece of evidence to show to a judge or any other arbiter. Anyone who is going through a dispute may wish to hire an attorney for assistance. An attorney may be able to help an individual reach a favorable resolution of the dispute in court during a formal trial or through mediation outside of court.
Source: Inc.com, “Don’t Get Stuck With a Jersey Contract“, Matthew Swyers , November 24, 2014
