Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator

Saying a contract is valid means it's legally binding and enforceable.Either way, a contract must include the following: parties capable of contracting, consent of the parties, a lawful object, and consideration. Parties. Anyone can enter into a contract, except minors, certain felons and people of unsound mind.

Begin your letter by clearly indicating the parties involved in the agreement. Clearly state the reason for your agreement in your first paragraph giving description of all details such as stake holder ratio, payment period etc.

I request that you accept a monthly payment of $ instead of the regular payment of $ that I have been making every month. I will begin making regular monthly payments as soon as I recover from this financial crisis. I hope you will understand my situation and consider my request.

A payment agreement outlines an installment plan to repay an outstanding balance that is made over a given time-frame. This is common when an amount is too much to pay for a debtor in a single installment. Therefore, the creditor agrees to make a deal that is affordable under the debtor's financial situation.

All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items.

Is a handwritten contract legally binding? Yes. As long as the handwritten contract contains the four key elements of offer, acceptance, consideration and intention to create legal relations then this will also be binding. It does not need to be lengthy and a full written document for it to be legally binding.

Contact information for both parties. Location/state whose laws apply to the agreement. Terms and conditions of the business relationship. Terms of payment. Start date of the agreement. End date of the agreement.

Look for a sample template online which you can use as a guide for when you are drafting your document. Open a word processing software and start formatting your document. Identify the parties who are involved in the loan. Write your consideration to make your loan valid.