Close-upatsignaturespacefromcontractpaperContracts are written (or unwritten/verbal) agreements between two or more parties to a transaction, the intent of which is to create one or more legal obligations between them.  Contrary to popular belief, enforceable contracts do not have to be in writing; however litigation is often much more involved, expensive, and uncertain in the absence of a proper written contract outlining the rights and responsibilities of the parties.

A verbal contract isn’t worth the paper it’s written on. – Samuel Goldwyn, Producer

There are certain basic legal requirements – offer, acceptance, and consideration – to have a valid contract, whether verbal or written.  If any of these are missing the contract may not be valid.

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