What Makes a Legal Contract?
There many components of a legal contract. There must be an offer and acceptance, how long the offer will remain open, if you can revoke an offer, a counteroffer, and if there is an exchange of things of value.
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Offer and Acceptance
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In order for a contract to even begin to exist there must be some sort of offer. Whether this offer be in writing or given orally, one must be made. There must also be an acceptance of the offer. Like the offer, the acceptance of the offer can be given either written or orally.
Duration
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There are one of two ways to go about this. The first option would to be set a deadline. This might be the best way. It would prevent the contract from dragging on. If you were to leave the contract open for a "reasonable time" for the parties to decide, there is a chance that they would keep putting if off and nothing would get done.
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Revocation
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An offer can be revoked at any time by the one making the offer, so long as the offer has not been accepted. The only way this could not be done is if the parties have set a deadline for the offer.
The Counteroffer
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If the parties cannot come to an agreement, the party that the offer was presented to can make a counteroffer. They can ask that the conditions set forth in the original contract be amended or changed. The party presenting the offer does not have to accept, and can counter the counteroffer.
Exchange of Goods
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If there is to be an exchange of goods, it needs to be listed in the contract. The terms and conditions of the exchange of goods needs to be clearly outlined. For instance, if this is a plea agreement between the State's Attorney, and a defendant, the prison term or lack thereof must be clearly defined.
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