Difference Between Contract And Written Contract

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Most contracts never see a courtroom, and they could easily be verbal unless there is a particular reason for the contract to be in writing. But when something goes wrong, a written contract protects both parties. If one party to a valid contract believes the other party has broken the contract, the party harmed can bring a lawsuit against the party who it believes has breached the contract (Murray, 2016). The legal process determines whether the contract was broken or if there are events that may have negated the breach. Courts only hear contract disputes, when the contract is valid. The difference between a Contract and an Agreement is most people use the terms "contract" and "agreement", they are not the same. A contract is an agreement between parties creating obligations that are enforceable (Murray, 2016). An agreement is a mutual understanding between parties about their relative rights and responsibilities. All contracts are agreements, but not all agreements are contracts. There …show more content…

In some jurisdictions, statutes have made certain promises enforceable without consideration, e.g., promises to pay debts barred by the statute of limitations. To be enforceable, most contracts must be in writing, to comply with the Statute of Frauds (n.d., 2016). Since a contract is an agreement, it may be made only by parties with the capacity to reach an understanding. Therefore, individuals suffering from severe mental illness are unable to make binding contracts. Their contracts do not bind minors, but they are responsible for the value of goods received in contracts made for the necessities of life. Otherwise, a minor may denounce his contracts at any time and on attaining majority may elect whether to affirm or repudiate them (n.d.,

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