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To ensure your offer letter or summary of terms of employment satisfies the written agreement requirement in Minnesota, the letter must be in writing and signed by both the employer and employee. It needs to have key terms of the employment, including: The date the agreement was entered into.
A court relies on two factors when determining if a letter of intent is binding: written expressions of intent present in the letter and demonstrative actions taken by both parties after the letter of intent is signed. If the letter is treated as a contract, it could be ruled binding.
A LoA is a letter drafted by one party to another party. It doesn't matter which party drafts the letter, only that it's signed by both parties. Upon signature, the letter becomes binding on both parties. This is now a valid contract.
If the other side has not signed your contract, it will be assumed that they have not accepted the offer. You will need to be able to point to other evidence to show that the other side has agreed to the contract's terms.
The important terms (?material terms? such as price) must be agreed upon and there must be an exchange of ?consideration? (money or promises). If you have these basic things, you probably have a valid oral contract. If not, there would be no contract at all.
A letter of agreement is only legally binding if both parties sign the document. If only one person signs the letter of agreement, then it is considered to be non-binding.
Although you don't necessarily have to sign an agreement for it to be valid, why would you want to take that chance? There is absolutely no better way of proving that a party intended to be bound by a contract then by whipping it out and displaying their signature on the document.
Once all parties sign a letter of agreement, it becomes a binding legal document. You should include a signature block at the end with room for both signatures and dates with the heading "Acknowledged and Agreed." Both parties should keep a final, signed copy for their records.