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Do You Have What It Takes?



There are certain elements that must be met for parties to enter into a valid contract. You want to be sure you have what it takes for the contract to be legally enforceable.

Here are the essential elements:

(1) parties must be competent to contract- of full age (18 in Michigan), sound mind, and are not under any restraints

(2) proper subject matter- courts will not enforce a contract that violates a law or is contrary to public policy

(3) legal consideration or a bargained-for exchange. You must give up something to get something

(4) mutuality of agreement- or a “meeting of the minds,” meaning that the parties mutually agree to all material or significant facts

Do not take contracting lightly- no matter how familiar you are with the person you are contracting with! Contact GLLG today to make sure you have what it takes!

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