Florida Further Assurances
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How to fill out Further Assurances?
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FAQ
By Practical Law Commercial. A boilerplate further assurance clause that seeks to ensure that the parties carry out any additional acts necessary to give effect to the contract, including the procuring of such acts by third parties.
All parties to an agreement must give consideration in order to create an enforceable contract. It is this trading of something valuable that distinguishes a contract from a gift. The amount of consideration to be traded is determined by the parties.
A contract implied in fact is one form of an enforceable contract; it is based on a tacit promise, one that is inferred in whole or in part from the parties' conduct, not solely from their words.? 17 Am. Jur.
A written contract is made under Florida law when the three elements of contract formation are present. These elements are an offer by one party to the other, the acceptance of the offer, and consideration. Acceptance is the last act necessary to complete the contract.
To prove the existence of a contract under Florida law, the party seeking enforcement must prove: (1) offer; (2) acceptance; (3) consideration; and (4) sufficient specification of the essential terms.
A binding, legally enforceable contract can be in writing or oral. Oral contracts are agreements that have been spoken, but not written. Depending on the nature of the transaction, certain types of contracts in Florida are required by law to be in writing in order to be enforceable.
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
