Parties who are both in good health should freely accept the terms of the agreement, i.e. without any undue influence, coercion, coercion or misrepresentation of the facts. Both the nephew and aunt agree with the terms of the contract, without putting pressure on each other and with the intention of fulfilling their obligations. Certain types of contracts must be agreed in writing in order for it to be legally binding and enforceable. The law imposing these transactions is established in writing, known as the Statute of Fraud, a legal concept that dates back to an Act of the English Parliament of 1677. Since then, states have codified the status of fraud in a modern language of the law, with six broad types of agreements covered by its requirements. Most contracts, which involve a lot of money or serious legal obligations, are written contracts. For example, a contract for the sale of real estate, a two-year self-lease and car, real estate and health insurance contracts are written contracts. Written contracts provide the guarantee of the conditions; they explain in detail the various obligations of the parties and endeavour to deal with future eventualities. Please contact our offices for professional assistance with all your legal requirements for agreements and contracts. These agreements are also called surety contracts or commitments made by a third party to a creditor to assume the debt of another person.
It is important to note that the fraud status only applies to commitments made to the creditor. If a third party promises a debtor to pay the debt, it is not necessary to do so in writing to be legally enforceable (as long as the other elements of a valid contract are in place). In many cases, entering into written contracts is often comparable to unpacking the latter box when you moved. You`ll end up getting the finishing touch for the spare room, but not today. If one of these elements does not exist, the agreement cannot reach the level of a legally enforceable contract. So is an oral agreement a contract? Perhaps the most accurate answer is. These rules may vary from state to state, but a written contract is usually necessary: there can be serious consequences for a breach of contract, either orally or in writing.