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Lesson Summary. A contract is a legal agreement between two or more parties in which they agree to each other's rights and responsibilities. Offer, acceptance, awareness, consideration, and capacity are the five elements of an enforceable contract.
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Where can you find contract and form templates? offers pre-built templates for most common contracts and forms. You can also create your own templates for common forms that your organization frequently sends out for signature.
Here are some things that are worth considering when reviewing a contract: Focus on the most critical clauses. ... Strive for clear language. ... Review default terms. ... Check for blanks. ... Read termination and renewal provisions. ... Note significant milestones. ... Allocate risk fairly. ... Understand the remedies provisions.
Preferably, the document will be in writing (electronic or on paper). Identification. All parties involved in the agreement must identify who they are in the identification stage. ... Offer. ... Acceptance. ... Consideration. ... Meeting of the minds. ... Competency and capacity. ... Legality.