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This article was co-written by Srabone Monir, JD. Srabone Monir, Esq., is an attorney for 32BJ of the Service Workers International Union. She received her J.D. from the University of St. John 2013. She is also a VA Certified Attorney as of 2015 and is licensed to practice law in New Jersey and New York.
There are 19 references cited in this article that you can view at the bottom of the page.
This article has been viewed 4,383 times.
When entering into a contract with the subject matter of goods or services, it is important that you make sure that the contract is legal and enforceable to protect yourself. Understanding the essentials for contract formation and performance will help you develop a contract that is appropriate and compliant with the law.
Steps
Forming a Contract
- For example, you might say to your neighbor: “I want to sell you a 2010 barge for 100 million VND. I am willing to lend you finance if you pay me 20 million dong per month for 5 months.” The offer was communicated orally, with a commitment (delivering the barge to the neighbor for payment) and clear terms (a barge and the exact amount of Vietnamese dong mentioned. )
- An offer to enter into a contract must be considered fair by the parties to be valid. [2] X Source of Research This offer can also be considered a “good faith” contract offer. Fairness is a complex concept in a contract, but in general it means that each party will not use tricks on the other, bend or violate the terms of the contract by means of aggressive tactics. trickery or twisting words. [3] X Research Sources
- For example, if that neighbor approves of your barge, her reciprocal payment is to you. Your reciprocal is to hand over the barge to her for a payment. In this case, the reciprocal amount is considered fair when the value of the horizontal barge is equal to the asking price.
- A fair contract offer will not introduce conditions that are unlikely or cannot be met. For example, you wouldn’t want to stipulate that the neighbor has to pay you 20 million dong a month in just a 20,000 dong bill, within 5 months. While your neighbor’s consent to this condition is legal, your above proposal would place an unusual burden on her and may not be binding in the future when there is a dispute over validity. of the contract.
- For example, that neighbor may accept to buy your barge, but she wants you to finance it by accepting 10 million VND a month for 10 months. This action does not constitute acceptance of your offer to enter into a contract but rather a new counter-offer, you may choose to accept or decline this offer.
- Taking notes will also help you draft a written contract. You don’t have to rely on your mind to remember the terms because they’ve all been rewritten.
Drafting a Written Contract
- In the United States, all states have determined that certain types of contracts will be governed by “anti-fraud statutes.” Contracts related to land or real estate, contracts established by the executor to pay debts related to property, contracts related to goods whose value exceeds a certain limit ( usually $500), and contracts for a term of more than one year must be made in writing. [9] X Research Sources[10] X Credible Sources National Paralegal Cplege Law Shelf Go to Source
- There isn’t any clear or existing evidence of an oral contract. If you and the other party later disagree on the terms of the contract, neither one will have proof that their opinion is correct. It will be very difficult for the court to make a ruling regarding an oral contract. For this reason, any contract that includes a significant, expensive, or time-consuming counterparty must be recorded.
- For example, you could use the name “Contract of Sale” for the sale of your barge to a neighbor. You need to specify the name of the buyer, Nguyen Thi A, and the seller, Pham Van B, at the beginning of the contract.
- If you have a recurring contract, such as one for your photography business, you may want to use acronyms like “photographer” and “client”. In this case, you may specify Nguyen Thi A (hereinafter referred to as “photographer”) and Tran Van C (hereinafter referred to as “client”) when introducing these names for the first time. In the rest of the text, just write “photographer” and “client” instead of the specific name.
- You will also want to provide details about the legal consequences if the exchange is not fully upheld. In particular, consider whether there is a need for “compensation for damages” or penalties for breach of contract. [13] X Research Source There are many different compensation regimes and are suitable for different circumstances.
- Compensation for predetermined damages is a penalty for breach of contract. For example, if a neighbor buys your barge but pays a sum late, the pre-determined damages provision may state that she will have to pay an additional penalty for each week of delinquency. You must be careful with these terms; Courts will not want to enforce provisions that look too much like punishment. [14] X Source of Research A late fee is considered reasonable pre-determined compensation; Asking your neighbor to return the barge without considering how much they have paid you so far is likely to be seen as overly punitive.
- Consequential damages are the indirect legal consequences of the breach of contract. Usually, it is very difficult to compensate for these damages. [15] X Research Source
- If the contract involves something of great value or takes a long time to execute, you will want the contract to include a provision for dispute resolution in arbitration or court.
- For example, if you’re selling a barge to a neighbor, you’ll need to specify the barge’s make, shape, make, model, year of manufacture as well as the barge’s name (if applicable) and serial number if maybe. You should also show the exact Vietnamese Dong for the value of the barge and the terms of payment. For example, you can specifically stipulate that the neighbor will pay you 10 million dong per month, for 10 months, until the 100 million dong has been paid in full.
- For example, a tenancy agreement may specify that the tenant may terminate the tenancy early by giving 30 days’ notice and paying a fee.
- For example, you could write in your contract that your neighbor has title to the barge after the first payment on or before June 1, 2015. She will then pay 10 million. on the first day of each subsequent month, until the sum of VND100 million is paid in full on or before April 1, 2016.
- If this contract is a contract for the sale of goods or property, give a clear and complete description of the goods or assets. [17] X Research Source Example: “Nguyen Thi A agrees to buy a white barge, 6.1 meters long, manufactured in 2010 from Pham Van B.”
- You also want a notary (or at least a third person to testify) to testify to the signature and the process of concluding the contract. Even if your contract doesn’t need to be notarized, it can be beneficial to notarize it if a party later sues that the contract has been forged or altered.
- In the United States, a witness or notary is usually required to be present when making wills, contracts for the transfer of land or real estate, mortgages and deed, depending on state law. [18] X Research Sources
Legal Contract Guarantee
- Many states in the United States allow a minor to form a contract when an adult signs the contract, and some states may allow a minor to form and enter into a contract for himself.
- Under US law, the ability to discern when making a contract means that a person is not legally bound by a contract if he or she enters into a contract while intoxicated or otherwise impaired. there.
- For example, you cannot contract for the services of prostitution with a person in places where prostitution is illegal. Similarly, you cannot enter into a contract for the sale of a controlled substance, such as opium.
- For example, you cannot enter into a contract for the sale of a barge to your neighbor if you are not the legal owner of the barge. Claiming that the barge is yours when it is not is fraudulent, and the entire contract is void.
Advice
- You can find samples of many types of contracts online. For English contracts, sites like Rocketlawyer, LawDepot, and TidyForm all provide templates. In the United States, most contracts, such as tenancy agreements, must be prepared according to each state’s guidelines, so make sure you understand the requirements of the laws where you live.
- When entering into a contract, the parties should sign as many copies as they need so that each party can keep one original for themselves.
- Make sure your contract clearly states the work to be done, the due date, or the item to be sold and the compensation to be paid. A contract does not need to be elaborate or use “legal language” to be enforceable in Court. The contract needs only to clearly describe the terms of the contract, identify the parties to the contract, and be signed by the party bound by the contract.
- Until the offer to enter into a contract is accepted, the person making the offer, known as the offeror, can withdraw or change the offer. According to Vietnam’s Civil Code, the withdrawal or change of an offer to enter into a contract is subject to certain conditions.
Warning
- You are legally obligated to abide by the terms of any contract you enter into. You could be sued for breaking the contract, so make sure you understand the contract’s contents correctly. Consult an attorney if you are unsure.
This article was co-written by Srabone Monir, JD. Srabone Monir, Esq., is an attorney for 32BJ of the Service Workers International Union. She received her J.D. from the University of St. John 2013. She is also a VA Certified Attorney as of 2015 and is licensed to practice law in New Jersey and New York.
There are 19 references cited in this article that you can view at the bottom of the page.
This article has been viewed 4,383 times.
When entering into a contract with the subject matter of goods or services, it is important that you make sure that the contract is legal and enforceable to protect yourself. Understanding the essentials for contract formation and performance will help you develop a contract that is appropriate and compliant with the law.
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