0
A contract is binding when it is entered into between parties having the capacity to enter a contract, and is made in light of adequate consideration. Consideration can be defined as something of value which is a detriment to the one who gives it and a benefit to one who receives it. For example, if A promises to mow B's lawn, and B promises to pay A $50 when he finishes, the parties have exchanged consideration -- here, a promise for a promise.
Wiki User
∙ 13y ago
Wiki User
∙ 7y agoFor most contracts only two elements are needed for the contract to be legally valid: All parties must be in agreement and something of value must be exchanged for something else of value.
Add your answer:
Earn +20 pts
Factor that can validate and invalidate a binding contract?
Factors that can validate a binding contract are signatures from all parties and a fulfillment of obligations. A factor that can invalidate a binding contract is undue stress caused as a result of the contract.
Can a minor put a house under a contract?
No. A minor cannot sign a binding contract.No. A minor cannot sign a binding contract.No. A minor cannot sign a binding contract.No. A minor cannot sign a binding contract.
What do you meant by contract?
A contract is a legally binding agreement.
I'm emancipated by marriage can I sign a legal binding contract in the state of Colorado?
Yes, you can sign a binding contract.
what are Difference between a contract and an agreement?
a contract is LEGALLY BINDING, an agreement is not necessarily legally binding depending on the circumstances
Is the contract for a timeshare legally binding?
Yes, a contract for a timeshare is legally binding. However, the contract usually has an opt out period of at least ten days. The salesperson can also choose to let you out of the contract.
Is a college catalog a binding contract in Virginia?
A college catalog can be a binding contract in Virginia if the college requires this. Not all colleges in Virginia make their college catalogs binding contracts.
Can a 12 year old make a legally binding contract?
Yes, a 12 year old can form a legally binding contract.
How old must you be to get a cell plan with US Cellular?
A cellular contract is a legally binding contract; you must be 18 to enter into a legally binding contract. The answer is 18 years old.
What makes a contract enforeceable?
There is contract law. These are laws passed at the various levels of government which essentially regulate under what circumstances a contract is binding, when it is not, escape clauses, etc. Like most things, contracts require two willing parties and signatures from both to be binding. Signatures under duress or when one of the parties has misrepresented themselves are not considered binding though you'd probably have to go to court to prove those circumstances so you can be let out of the contract.
Is a contract binding if it has no end date?
Not necessarily, but if it doesn't it should be written within the contract that the contract may be subject to change or termination at any time.
Is signing an employment contract with temporary agency a legally binding contract?
Yes, it is.
