Understanding Contracts and Their Requirements
Hello, I’m OKC business attorney Dillan Savage of Wirth Law Office, and I practice primarily in the Oklahoma City, Oklahoma area. Today, we are going to be broadly defining contracts and what is required to have a legitimate contract.
A contract is an agreement between parties to either accomplish something or not do something. In order for a contract to be legitimate, the parties entering into the contract have to be authorized to do so, meaning they meet the requirements under Oklahoma law to actually enter into a contract.
Key Elements of an Enforceable Contract
The parties next have to consent to entering into the contract. They cannot be forced or coerced into a contract. Additionally, the contract itself has to be of a legal objective; you cannot contract for completing some illegal activity.
Lastly, there has to be consideration or sufficient cause. The parties are going to have to have a give-and-take. You see this a lot: consideration could be seen as money or as receiving some type of goods. However, there has to be some type of consideration for the parties to complete the things that they have contracted to accomplish.
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If you found this information helpful or believe it could assist someone else, please visit theoklahomacityattorney.com. I’m Oklahoma City contract law attorney Dillan Savage, and I appreciate you taking the time to watch.
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If you have further questions about contracts or need assistance, consider scheduling a low-cost consultation with me. Call 405-888-5400 today to take the next step in understanding your legal rights and obligations.
