Why review contracts, regardless of length?
I get a lot of calls about contracts. What is a contract? A contract by law is (1) an offer, (2) an acceptance, and (3) mutuality. *There is a case about a million-dollar case in Alaska where a contract was formed on a napkin. Back to our regularly scheduled program, let's break the elements of a contract. The first element is an offer. An offer is when a party offers some type of product or services to another person. The next element is an acceptance in which a party sees an offer and either offers to pay for service and/or product; or provides some service and/or product in exchange. The latter part is what some courts may call a reliance. The third element of a contract is mutuality . Mutuality is a tricky element of contract law. Because mutuality is if the value comparable, it bargained for, or the value exchange reasonable. Many people don't understand that even though you might have a written contract, if there is some type of the duress, no bar...