SPTE 203 Contracts

SPTE 203 Contracts - Cont r act s Cont r act s Cont r act s...

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Contracts
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Contracts Contracts are simply an enforceable promise (enforceable through the courts), usually in written form, where two or more capable and able parties agree to perform (do something) and in return, receive something. Not all agreements need to be in the form of a formal written contract.
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Contract Elements Parties must be capable. Activity must be legal. Each party must get something. Each party must do something. Each party must agree.
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Contract Basics Failing to meet any one or all of the conditions may render the contract “non- binding”. A party who fails to do what has been promised may be held in breach of contract. The court may force the party to do what is promised. The court may force the party to compensate the grieving party in some way.
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Performance Contract – contract that involves compensating someone for doing something. Example – contracting with the William Morris Agency for a Phish concert. You agree to pay the
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SPTE 203 Contracts - Cont r act s Cont r act s Cont r act s...

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