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Becoming Familiar with Contracts

This article explores the concept of contracts, defined as binding agreements between parties, often legally enforceable. It outlines the main types of contracts, including written (formal) agreements such as real estate purchases and loans, and verbal (informal) agreements like handshake deals. The key purposes of contracts are to protect parties, maintain integrity, outline expectations, and provide legal recourse. Additionally, it breaks down essential inclusions in a contract, such as involved parties, the nature of the agreement, duration, escape clauses, and other specific details.

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Becoming Familiar with Contracts

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Presentation Transcript

  1. Becoming Familiar with Contracts

  2. What is the definition of a contract? • According to Webster’s - a binding agreement between two or more persons or parties; especially : one legally enforceable

  3. What are the main types and purposes of a contract? • Written (usually formal agreements) Examples include real estate purchases, loans, cell phone agreements, SAEP agreements. • Verbal (usually informal agreements) Examples include deals made through a “hand-shake” or bartering systems.

  4. What are the main purposes of a contract? • Purposes • Protect both parties • Maintain integrity • Expectations for both parties • Legal recourse

  5. What is included in a contract? • Who – what individuals or groups are involved? • What – what is the contract for? Services, loan, land, real estate. • When – what period does the contract cover? One time, daily, weekly. • Escape clause – what does either party need to do to get out of the contract? • Any other specifics necessary for the situation.

  6. This is a sample agreement for a student with a production SAEP!

  7. This is a sample agreement for a student with a production SAEP! Page 2!

  8. This is a sample agreement for a student with a job Placement SAEP!

  9. This is a sample agreement for a student with a job Placement SAEP! Page 2!

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