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    Legal Binding Contracts
    Hello! I am not only new to this awesome forum but also new to the concept of small business. I have a business in mind that I would like to pursue, but the biggest thing I can't find help on is an answer to my question on contracts:

    How can I make a legal binding contract? Do I take a contract template and get it notarized or signed/registered through some legal institution? Or is ANY document that is signed by me and my client considered legal-binding? I'm just not sure about the legal part.

    Thanks!

    Jim


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    Re: Legally Binding Contracts
    As long as it is written correctly it should be legally binding. But the key term is "written correctly". There are exceptions to this of course, but in most scenarios a wiritten signed agreement is binding to the terms contained within.

    In terms of the content, it is often wise though to use a template, adjust an existing agreement text, or use a lawyer/etc.


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    Re: Legal Binding Contracts
    #3
    Join Date
    May 2006
    Location
    Pacific NorthWest
    Posts
    19
    Hey there Mr. Jimbo,

    BusinessMan is correct for the most part, "written correctly" is huge for written contracts, but there are also legally binding contracts that are not written contracts. Legally binding does not mean written, but that's a whole other topic.

    Try "The Uniform Commercial Code", whose original articles have been adopted in nearly every state, it represents a body of statutory law that governs important categories of contracts. It will give you an extensive amount of legal help, but won't write the contract for you.

    Buying off the shelf "boiler plate" contract templates is a pretty good way to go, just make sure they have been tailored enough to cover your business and your geographic markets.

    The next level is actually having a lawyer look over your contracts that you will be using.

    If you are going to be involved in international contracts, in 1998 the United States joined the United Nations Convention on Contracts for the International Sale of Goods. International contracts would be governed by this convention.

    Cornell University has an excellent law library available online, it has a whole section on contracts.

    Happy Contracting


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    Proof of any agreement, written or oral, can be used to make a part liable toward contract fulfillment. That being said, ALWAYS get important agreements in writing, preferably notarized so there is absolutely no 'he said/she said' disputes over the terms. The reason the business community spends so much on legal assistance in reviewing and documenting contracts is because trying to operate on good faith and.or flimsy wording is an extremely slippery slope. If you don't have the funds to provide for legal advice for your small business then at the very least you should be researching industry-relevant legal precedent and getting EVERYTHING notarized or attested to by a witness.


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    Make sure all opposite parties are legally ready to participate. In a legal contract, some value has to be exchanged for something else of value like services, cash, goods, or the promise.
    http://www.mlsemployment.co.uk/employment-contract.aspx


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    A contract doesn't need to be formal to be legally binding. Big, lawyered up contracts generally protect both parties well because they deal with a lot of the "What if" situations.

    Your contract needs to clearly spell out what the parties will be giving and receiving (like service and money). It needs to be dated and it needs to be signed by both parties. Ideally you print two copies and each sign both so both parties have a signed copy.

    If there are obvious potential issues that are likely to come up, they should be included in the contract. If, for example, you hire someone to redo your leaky roof, you may want to include something to ensure that it is fixed promptly. If it is a service that you provide, you may wish to take into account cancelling or changing dates.


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    Easy to use guide to be free from the police.

    http://www.youtube.com/watch?v=JpxKPJEbyrM


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    For a contract to be legally binding, it must include some basic elements. Like, the parties to the contract must reach an agreement and must each provide something of value, called consideration. Check with your state or with an attorney if you are unclear, but it’s always good business practice to put every binding agreement in writing.


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    mrjimbo,

    I believe that, as long as BOTH parties agree to the verbiage in the document and it is signed by both parties, the document is binding. Now, if you are entering into a big business negotiation, I would strongly advise research into the types of legitimate contracts that would apply to your situation. I haven't personally done any legal research, since I am primarily involved in affiliate marketing but, I would look into some sites like LegalZoom to see what type of services they offer. You cal also find a lot of useful information in your local library.

    Hope this helps.

    Best of Luck,

    Matt


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    Regardless of the size of your business, you must keep your legal documents safe and also, when destroying them, you have to get "Professional Document Scanning Solutions" for making duplicates for future needs. That is the main concern herein.


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