Apparently when I moved hosts, my initial post got demolished. Oops. So I will introduce this blog again.
In short, this blog regards all things contracts, and it is intended for an audience that may not be particularly familiar with the language or concepts related to contracts.
So what exactly is a Contract?
According to the law, a contract is really just any agreement between at least two parties that involves giving up one thing in order to gain another thing. That’s it. A contract doesn’t need to be fancy, it doesn’t have to be signed, it doesn’t require a certain amount of money to be at issue, and most importantly, it doesn’t need to be written by a lawyer.
That means that any agreement you make with someone else is legally held to the standard of a contract, even if it isn’t written down. If you tell a friend you’ll help him move if he gives you pizza at the end of the day, that’s a contract. Or if you say that you’ll let a sibling have the family cabin for the week of your birthday so long as you get it for the Fourth of July, that’s a contract too.
But who cares?
Anyone who has an interest in the agreements being upheld should care about contracts. Of course it matters in financial circumstances, but it also matters just as much–and sometimes more–for non-financial, intangible considerations. Oftentimes people think they don’t need contracts when they have a personal relationship with the other party. But situations in which emotions or relationships are on the line are potentially more important than simple financial agreements.
It’s important to know what you might be giving up without a contract.
Now what?
Think about whether you might need a contract for something, or if you need a contract reviewed before signing it. If you’re not in that sort of situation, then just pay attention for here for updates on how contracts work, news items relating to contracts, and analysis of specific contracts in Fine Print Friday.
Thanks for reading. Please contact me if you have any questions about your own contract situation.
Graham
About Graham Martin
Graham Martin is a solo practitioner focusing on Contract law (including drafting, review, and litigation). He operates Martin Legal Services, LLC in the Minneapolis-St. Paul area.
