Common Contracts
1 similar Termination of Contract contracts
Contract can be terminatedTermination of Contract • November 17th, 2021
When two or more parties intentionally enter into a legally binding and voluntary agreement, it is a contract. There are many variants of commercial contracts and each of them requires different criteria to be legally binding and enforceable. The short and sweet definition of the contract is “a legal document between the parties that specifies exactly what is expected and required of each party.” But commercial contracts require several elements, including: The parties: The “parties” of the commercial contract are those involved. Such parties must be listed by name, which may mean the legal name of the company in which they operate, and whether they are a customer or a seller. Signing Authority: If the signatories do not have the legal authority to sign the contract on behalf of certain parties, the contract may not be valid or enforceable. Considerations: This term refers to what each party wants to get from signing the contract, and can be a payment, a service or a good. Receipt: Eac
