A contract is a fairly binding agreement between two or further parties that is enforceable by law. Still, not all contracts are created equal. In fact, some contracts are not indeed valid.
Contract laws can vary from state to state. A contract that’s valid in California may not be enforceable in Florida. A form contract downloaded from an online source, although duly formatted and full of legal language, may not cleave to the contract law conditions in the state in which you operate your business. As a businessperson, it’s imperative that the contracts you are counting on to cover your business are doing just that, and not leaving your company vulnerable.
Under Florida law, a contract must have three (3) essential factors to be considered valid and enforceable. Those factors are an offer, acceptance of offer, and consideration. Let’s take a moment to bandy each must- have element below
Element# 1 An offer
The first needed element of a contract is the offer. An offer is a written or verbal statement of either party indicating their intention to act upon acceptance. An offer can be reasoned, withdrawn or rejected at any time previous to acceptance. Still, once the offer has been accepted and the contract inked, your company’s considered a party to the contract and will be obliged to perform or not perform as agreed.
Element# 2 Acceptance of the offer
The alternate needed element of any Florida contract is acceptance of the offer. Once an offer has been presented, all parties to the contract must Confidential Business Brokers completely and openly accept the offer. An offer can be accepted in jotting, verbally over the phone, or via the U.S. correspondence. In the ultimate, the offer is supposed accepted from the moment the correspondence is placed inside of the mailbox; not from the time the philanthropist receives the correspondence.
Hourly, in response to an offer, a party will suggest variations or attempt to change the conditions of the original offer. In these cases, the original offer is considered rejected, and the variations and/ or new conditions are supposed counter-offers.
Element# 3 Consideration
The third must- have element of a contract is consideration. Consideration describes the value that will be given to the parties of the contract in exchange for their performance. There are colorful forms of consideration including, but not limited to, plutocrat, services, and palpable particulars. Without consideration, the performances promised in your contract are simply gifts. In order to satisfy the validity threshold, your Florida business contract must support some form of consideration on behalf of all parties involved.
As a business proprietor, you are presumably no foreigner to contracts. Anyhow of the nature of your business, doing business with an ironclad business contract can prove to be essential to your company’s success. With the decline of the U.S. frugality and rise in the number of breach of contract claims, now is the time to rethink the contracts you are using to cover your business.