A contract pertains to an understanding that is made between two parties. the individual giving a proposal and the acceptor. or the individual accepting the proposal ( Cameron and Ealey. 2007 ) . A contract may be made in written signifier or it may besides be made in a verbal format. Below is an illustration of a simple contract:
I. John Smith. hold to cut down the lawn of the abode located at 123 Main Street. Happy City. State of Yours. one time a hebdomad. for the following 6 months. get downing on July 1. 2008. I will have a monthly payment of one hundred dollars ( $ 100. 00 ) for the continuance of the understanding and this will be paid utilizing post-dated cheques. The services agreed upon by this contract merely consists of cut downing the lawn and no other horticulture or landscape gardening activities will be performed. such as weed extinction. pruning of bush. cutting trees and re-potting workss. Should at that place be rain on the twenty-four hours of cut downing. the said activity will be rescheduled on the following cheery twenty-four hours of the same hebdomad. Should the services non be provided from some unforeseeable ground. the post-dated cheques will be returned to the proprietor. every bit good as one month’s service fee.
The contract of services shown supra is a valid contract because it includes several indispensable characteristic of an understanding. First. the contract of services identifies the two parties that are involved in the understanding. The first party. May West. is the proprietor of the abode of which the service of cut downing the lawn is requested. The 2nd party. John Smith. is the individual that will supply the service of cut downing the lawn. The contract of services besides identifies the specific issues that are inclusive of the contract. The service of cut downing the lawn will be provided in exchange of a payment in the sum of $ 100. 00 per month. The contract of services besides includes an of import piece of information. which is the continuance of the services that will be rendered by John Smith. The continuance is therefore described as to go on for the following 6 six months. There is besides an statement in the contract of services on the manner of payment that will be made by the proprietor. wherein the proprietor will publish post-dated cheques for the six months that the services will be provided. get downing on a specific day of the month of July 1. 2008. Should John Smith brush conditions jobs such as rain. there is a statement in the contract of services that explains that the service will be performed on the following cheery twenty-four hours that is conformable for cutting grass.
A contract is a really of import understanding because one time the two parties have concurred with the specific scenes of the contract. both parties will subscribe the contract and therefore both parties are bound to that understanding. Should at that place be a scenario wherein any of the two parties is unable to execute his or her responsibilities as stated in the contract. there will be a breach of contract and this may be apt for punishments if brought to the tribunal of jurisprudence for execution of any misdemeanor of contract of understanding ( Knappet Al. . 2003 ) . A contract therefore describes a meeting of the heads. wherein both parties are willing to come in an understanding and exchange a trade good. service or belongings for a payment or any other signifier of compensation to the other party. In the legal system. any contract of understanding that is signed or agreed upon verbally is legal and the Torahs of the province can be enforced if there was any misdemeanor performed based on the scenes of the agreed and signed contract.
It should be understood that before a contract is signed. both parties identified in the contract must to the full understood what is written and included in the contract and that conditions are besides decently described in instance any one of the parties is unable to execute the responsibilities expected of that party ( Stuart. 2007 ) . For illustration. when an single enters a rental understanding for a auto. a specific monthly payment is described and there is besides a statement that describes what will go on if the person is unable to pay his monthly dues. The auto company may province what are its primary actions should the single girl one monthly payment. and there are besides specific actions if of all time the person is unable to pay for the following 2 to 6 months. Such countenances are of import in an understanding. in order for both parties to be protected against fraud and maltreatment by the other party.
Contract may affect simple understandings such as the purchase of a bike and can besides be immense such as the purchase of a high-rise edifice along a chief avenue in the center of the metropolis. Hence. the inside informations of the understanding correspond to the outrageousness of the trade good that is being exchanged. Simple contracts such as that indicated as an illustration in this essay is really easy to plan because it merely involves cut downing the lawn for a short period of clip. and it besides involves merely a little sum of money. It should therefore be appreciated that attorneies are really punctilious in reexamining contracts that involve the purchase of multi-million dollars enterprises because there is a important sum of money involved therefore the countenances must besides be really serious in instance there is a breach of contract.
Cameron E and Ealey T ( 2007 ) : The ties that bind. What you should cognize about the operational. ethical issues of restrictive compacts. MGMA Connex. 7 ( 6 ) :50-3.
Knapp CL. Crystal NM and Prince HG ( 2003 ) : Problems in contract jurisprudence: Cases and stuffs. 5Thursdayed. New York: Aspen Publishers.
Stuart JG ( 2007 ) : Before and beyond the contract. Am. J. Orthop. 36 ( 5 ) :249-51.