Every day, our lives are subject to many contract agreements. Whether it is a written contract laying out the terms and conditions of our employment, or an oral contract concerning the sale of personal property, contracts are everywhere. In legal terms, every contract, whether oral or written, must have legality, meaning that nothing illegal is being agreed to; mutual agreement, meaning that an offer has been made and accepted; consideration, which means a payment or promise of payment; and capacity, which means that both parties are capable of understanding both the meaning and the effect of the contract. Whether you need to create a contract agreement that meets these requirements, or you need to enforce a contract that is already in place, let the lawyers of K&Y Law, P.C. help you through the process with minimal stress and worry on your part. Call our Thornhill, Ontario office today at 905-597-8529.
Can Minors Enter in to a Contract?
Contracts are not enforceable against minors. However, if one party in a contract is an adult, the contract may be enforced against that party, even if the other party is a minor. For this reason, it is advisable that all parties to a contract have reached the age of majority at the time of the agreement.
Are Oral Contract Agreements Just as Good as Written Ones?
While some oral contracts are enforceable, the terms and conditions of the original agreement can be very difficult to prove. Furthermore, there are some transactions for which oral agreements are not allowed, such as real estate transactions. Having a written agreement is always preferable to having an oral agreement, as the written agreement will spell out the terms very clearly, helping both parties successfully carry out the obligations assigned to them. Here at K&Y Law, we have extensive experience preparing and enforcing contract agreements of all kinds. Call us today at 905-597-8529!
What Can Cause a Contract Agreement to be Cancelled?
A number of things can cause a contract to be unenforceable. If either of the parties knowingly misrepresented any important relevant facts, the contract can be voided. Unintentional mistakes due to misunderstanding can also render a contract unenforceable. If any undue duress or influence, such as making threats, was used to obtain agreement, a contract can be voided, as well as if the contract violates a law of any kind. Finally, all parties to a contract must be capable of understanding all aspects of the agreement, and cannot have a mental incapacity that precludes full understanding. Hiring a lawyer from K&Y Law will give you the confidence that any contract you enter in to will be solid, legal, and enforceable.