Cost-plus Contract

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An idea about Contract plus Contract form

There would hardly be any adult who has reached the age of maturity and never been in a contract.

What is a contract?

Simply put contract a voluntary agreement enforceable by law between two parties. It can be either written or spoken.

What is a contract form?

A contract form is a specified written format which is needed for a particular type of contract. Free Printable Cost fewer contract forms are easily available on the internet.

Types of contract

There are two basic types of contracts. They are: –

1. Boiler plate contracts

Also called standard contracts are a take it or leave it to bet. These do not leave any room for negotiations.

2. Adhesion contracts

These are a little different from boiler plate contract as they leave a little room for negotiation which leads to some control

Terms of contract

Contractual terms are the provisions forming a contract. It is obligatory to follow all terms, and breach of any term can lead to litigation. Contractual terms plus contract form give rise to a contract held in the court of law.

Void

A contract is termed void in the following cases: –

• Mistake: Incorrect understanding from one or many parties
• Incapacity: Incapacity such as mental illness or being a minor
• Duress: Entering a contract because of threat of harm
• Undue influence: A person in a superior position taking advantage of another
• Misrepresentation: A false statement made by one party to another for an undue gain
• Fraud: A deliberate misleading of facts with an aim to injure the other party

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