Contract Basics: What Makes a Contract Legal?
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Contract Basics: What Makes a Contract Legal?
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Kicking off the Contract Basics series, Chris Clark covers the three elements that make a contract legally binding, and why even sophisticated agreements sometimes fail without them.
In this episode:
- A binding contract generally needs an offer, an acceptance, and mutual consideration.
- Consideration means both sides receive something of value: a bargained-for benefit.
- A signed, written promise can still be unenforceable if only one side is giving something.
The takeaway: Writing it down and signing it isn't enough; both sides need to be giving and getting something.
About the host: Chris Clark is the founder of CLARK.LAW, a business and intellectual property law firm in Charlotte, North Carolina.
If you'd like to speak with an attorney about a contract, learn about our Contract Law services at https://clark.law/contract-law/ or contact us at https://clark.law/contact/
Follow CLARK.LAW on Facebook, YouTube, Instagram, LinkedIn, and TikTok.
This podcast provides general information only and is not legal advice. Listening does not create an attorney-client relationship.