When most people think about a contract, they think about a typed agreement with a great deal of legalese in which both sides have stated their position, agreed to all the terms, and then signed the document. But the definition of a contract is actually much broader than that.
The definition of a contract is “a binding legal agreement that is enforceable in a court of law or by binding arbitration.” There is actually quite a bit of wiggle room in that definition and thus the reason contract law exists. If you need help putting together a contract or deciphering what would count as a contact, contact your business litigation lawyers of LaMarca Law Group, P.C. at (515) 705-0233.
Types of Contracts
A contract can really be any type of agreement between two parties. The types of contracts that are often presented in lawsuits include:
- Typed contracts – These are the forms of contracts you most often see that appear very formal.
- Hand-written contacts – Even something that was written on a napkin and signed by both parties can count as a contract and even be upheld in a court of law.
- Verbal contracts – A signature is not necessarily needed to prove that a contract or agreement was made. Provide verbal agreements, is of course, much more difficult and witnesses must have been present.
Never assume that because an agreement was made without a formal, typed contract that a contract was not made.