In order for a contract to be legally binding, all of the individuals who signed the agreement must have "contractual capacity." Contractual capacity is a legal term that refers to the minimum mental capacity required to enter into an agreement.
Examples of legally binding contracts include any agreement that adheres to the rules that govern a contract, which technically can range from a rental lease agreement to buying gum at a gas station.
For a written agreement to be legally binding, the parties must promise each other something in return for what they gain out of the contract. For example, when selling your house, you promise the buyer the house, and in exchange, they promise you an amount of money.
Related Definitions Legally binding means both you and the Seller will be bound by the terms of the contract and must perform your respective obligations as stated. Your performance can be enforced in a court of law.)
An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
A contract is an agreement between multiple parties that is legally binding. Binding agreements, which are legal contracts, can be enforced under laws at both the federal and state levels.
A legal contract is an enforceable agreement between two or more parties. It may be verbal or written. Learn more about the requirements for a legal contract.
A legally-binding document is simply one that establishes an agreement between two parties, entailing that certain actions are either required or restricted. An example of a basic contract is one between a real estate agency and a seller. The seller grants the agency exclusive rights to sell the property.
Which terms are legally binding?Names and addresses of the employer and employee.Date on which employment began.Job title and responsibilities/duties of the employee.Rate of remuneration and how it is paid e.g. weekly, monthly etc.More items...•
What is another word for legally binding?effectualvalidbindinglegalauthenticlawfullicitauthoritativecontractualgenuine87 more rows
A written contract is a printed document that details what parties can or cannot do. These agreements are legally binding and differ from oral contracts since they are on paper and contain a signature from all parties of the agreement.
Start studying Biz Law Week 6 Ch 9 & 10. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Start studying Business Law Week 6 QUIZ Ch 9 &1 0. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
In Guffin v. Kelly, 191 Ga. 880, 14 S.E. 2d 50, 54, it was said: "It is generally held that gifts made in contemplation of marriage are subject to an implied condition that they are to be returned if the donee breaks the engagement, and that the rule applies to real estate as well as personalty; also that in a proper case equity will take jurisdiction to enforce a reconveyance."
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In order for a contract to be legally binding, all of the individuals who signed the agreement must have "contractual capacity." Contractual capacity is a legal term that refers to the minimum mental capacity required to enter into an agreement.In other words, individuals who lack the capacity to contract are presumed to not know what they're doing, and they can "void," or set aside, the contract.
Which of the following is true if no means of communicating an acceptance is specified in an offer? Multiple Choice. No valid contract may be entered into because the offer must specify a means by which to accept.
The court ruled that the agreement would be enforced because under the applicable standard, it was not apparent. that joking was involved. E. The court ruled that the contract would be enforced because of what the parties verbally said regardless of. whether an objective person would have thought joking was involved.
C. The court ruled that the contract would not be enforced because the parties had been drinking although they were . not intoxicated.
A promise to hold an offer for the sale of a good open for an indefinite period cannot be revoked under any. circumstances because the sale of a good is involved. E. A promise to hold an offer open for a specified time cannot be revoked under any circumstances regardless of. whether a good is involved.
The court ruled that the agreement would be enforced because under the applicable standard, it was not apparent. that joking was involved. E. The court ruled that the contract would be enforced because of what the parties verbally said regardless of. whether an objective person would have thought joking was involved.
C. The court ruled that the contract would not be enforced because the parties had been drinking although they were . not intoxicated.
A promise to hold an offer for the sale of a good open for an indefinite period cannot be revoked under any. circumstances because the sale of a good is involved. E. A promise to hold an offer open for a specified time cannot be revoked under any circumstances regardless of. whether a good is involved.