When entering into an agreement with another party, it should be in writing. That may seem like some of the most obvious advice when it comes to contracts, but some Massachusetts residents may understand why it may need to be said. Other basics that need to be included in order for a contract to remain valid are discussed below.
A contract needs to outline what each party is offering to the other, each party needs to accept what the other party is offering and both parties must enter into the contract with the intention of making a valid agreement. The parties must provide each other with something of value. For example, one party receives goods from the other party, who receives money in exchange for the goods.
Another factor that a Massachusetts court may consider when determining the validity of a contract is whether the parties were “of sound mind” when they entered into the contract. Of course, the contract cannot be for any illegal purpose. A court would not consider such a contract valid. Contracts can contain any number of provisions, but if they include these basic elements, they may hold up in court if a dispute arises.
When one party fails to fulfill his or her part of a contract, the other party may go to court to request monetary, nonmonetary damages or a combination of both depending on the circumstances. Most people attempt to work out their differences before turning to litigation. In fact, many contracts include provisions regarding the resolution of disputes, so it may be a good idea to determine whether those methods must be exhausted before going to court.