What is a Contract?

De Queen Contract Drafting Attorneys, AR

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A contract in Arkansas is an agreement about anything of value between two or more parties who intend the agreement to have legal effect. It may be oral or written, as long as all parties agree to the contractual terms. A written contract is typically preferred by most businesses, because that make the agreements more reliable. Contracts may involve legal principles, so they are best formed with a clear understanding of the law.

Negotiating a Contract in De Queen

There is more to a contract than what is required for it to be valid in De Queen. The specific terms of the contract should all be discussed separately so that the intent of each party is understood by the other. The terms of the contract may be determined based on clear expectations if both parties are forthright about their intentions early on. Also, parties may want to discuss whether they need a provision for resolving any disputes under the contract.

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Using a Form Contract

Using a form contract as a baseline for your agreement may save you time. Attorneys practicing Arkansas law in De Queen can be helpful in selecting the right form, and can also revise the contract to make it the best fit for your particular situation. However, form contracts can pose problems if they need to be interpreted by courts, especially if they are used without the assistance of an attorney. First, a party using a form contract may not have thoroughly read all the terms, and can thereby remain unaware of his performance obligations and liabilities if events do not go as planned. Second, using a contract that someone else has written can obligate the parties to a contract term that they do not understand. With either a negotiated contract or a form, an attorney can ensure that the written document matches the intent of each party. Attorneys in De Queen often specialize in Arkansas contract law.

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