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