Parts of a Contract

What Are The Parts Of A Contract?

What Makes A Valid Contract? Believe it or not, there are only three basic elements required to form a valid contract: Offer, Acceptance, Consideration. Obviously there are almost infinite details which can constitute one of these things. It is also good to know what can be construed as a contract. It doesn’t necessarily need to be written down. It can be spoken agreement or even an email exchange in certain circumstances so take care to be clear if you are not ready to move ahead with an arrangement. Acceptance doesn’t necessarily mean … Read more

Change Your Fundamental Concept of Contracts

Change Your Fundamental Concept of Contracts

After attending different regional conferences over the last couple decades the one subject that it seems will never grow stale is contract law. Any session in the subject is always well attended. A large number of these sessions are conducted by Brian Taylor Goldstein and Robyn Guillams from GG Arts Law. At the last Arts Midwest conference they conducted a session on contracts for collaborations and partnerships. Before they started on that specific subject, they made some general comments about how people should fundamentally think about contracts. The Contract Finishes The Conversation, … Read more

MOU vs Contracts

Non-profit organizations frequently enter into memorandum of understanding (MOU) relationships so it is important to understand the difference between them and contracts. In simple terms, an MOU is generally not legally binding while a contract is. The distinction actually comes down to the language used in the terms of a document. So a document can say Memorandum of Agreement on the top, but the terms set out by the language in the document may be so specific, it is a contract in reality. To prevent any misunderstanding, there should be a clear … Read more