What is a Contract?
A contract in Arkansas is an agreement about something 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 Walnut Ridge
Along with specific clauses that should be included in every Walnut Ridge contract for it to be valid, it is important to adequately discuss each term to make sure that the intent of each party is understood by the other. The terms of the contract may be decided based on clear expectations if both parties are upfront 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
Many Walnut Ridge, Arkansas lawyers use form contracts as a template for any new agreement. The attorney will add or remove contract provisions that the parties want, plus modify the specific language of the form contract to meet the parties' needs. This usually saves all parties time and money. There are risks in using form contracts without the guidance of an attorney. First, parties are less likely to read form contracts completely, which may lead to one side being unaware of their duties under the contract. Second, the challenging language used in the field of contracts can make agreements written by others hard to understand. Lawyers can help ensure that a written contract matches the intent of the parties, whether negotiating a contract or using a form. Arkansas contract law is a field in which many Walnut Ridge lawyers have specialized.