A contract is a legally binding document. It is a set of terms laid down by two parties defining their transaction or relationship. A breach of these terms of agreement requires the remedy of the law.
Contracts acts as a safeguard for people taking a leap of faith. Entrusting strangers with your money in exchange for a service or business procedure. Contracts can either make you liable or not for certain risks you take, so make sure the terms you set with your legal counsel are solid and well-detailed. Contracts are there to protect you, not to work against you. They are in place to see you through transactions that may require you to act upon for a number of years.
People’s minds and emotions change over time, people may decide to fall out of a project or take a different direction from what may have been originally planned. However, Contracts remain constant like commandments set in stone. These will be the guidelines for both parties to complete their agreement over time.
Only people above 18 or of the legal age in the country are allowed to undergo any contractual transactions. Minors in this case, infants or children, are either represented by their guardians, parents, custodians on legal obligations such as trust funds, inheritance, custody proceedings, civil registry and labor contracts for advertising work.
Persons with Mental Illness or Mental Incapacity cannot enter into a contractual transaction, the contract would be considered void by the law. A person unable to understand the nature and consequences of the transaction cannot be forced to act on an agreement.
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