A contract in Illinois 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. In business transactions, written contracts are typically preferred for their reliability. These documents are best drafted by those who understand the law, because the very reason for a contract is to legally obligate the parties.
Negotiating a Contract in Elmwood Park
There is more to a contract than what is required for it to be valid in Elmwood Park. 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.
Using a Form Contract
If an agreement needs a good starting point, you may want to consider a form contract. An attorney in Elmwood Park,Illinois can add or remove terms according to the intent of the parties, and even the specific language can be made more comprehensible so that expectations are clear. There are risks to using a contract that neither party has written, especially if you proceed without the help of an attorney. First, form contracts have the tendency to go unread. Any party who does not carefully review all the contract terms can be left unaware of their obligations under the contract. Second, using a contract that someone else has written can obligate the parties to a contract term that they do not understand. Whether you negotiate or use a form, an attorney can help ensure that the written contract matches your intent. Many attorneys in Elmwood Park are experts in Illinois contract law.