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Do all of my business contracts have to be written?

At its most basic level, a contract involves an offer and an acceptance. A Moorestown resident may offer to do something for another in exchange for some form of compensation; if his offer is accepted, then a basic contract is formed. That simple agreement may not be written down and may only be recorded in the memories of the parties who made it.

In business, contracts can become highly detailed agreements that cannot simply be committed to memory Moreover, certain types of contracts cannot be oral agreements and must be written down. For example, real estate contracts must be written out. When a piece of real property is sold or is set to be leased for more than a year, the contract must be in writing. This is, in part, to prevent the parties from later having a contract dispute over the terms of the real property transaction.

Other types of contracts must be written out as well. Long-term contracts, such as those that will take more than a year to perform and those that will take longer to execute than the lifetime of the performing party, must be put on paper. Finally, contracts that bind a person to the repayment of another party's debts must be written down.

The contracts discussed in this post are only some of the different types of agreements that cannot exist as spoken exchanges between the parties. Attorneys who work in the contract and business law fields can advise their clients on if their desired contractual terms are subject to the requirement that the agreement be in writing. Many of the contracts that must be written down are required to be in such a form in order to prevent confusion and disputes between the parties by keeping the terms of the contracts clear.

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