Understanding Contracts

Contracts are legally binding agreements and there are serious consequences when someone fails to meet all of their contract requirements. Be sure when you consider entering into a contract that all of the elements of a binding contract are present: agreement, consideration, capacity, legality, and genuine assent. Also, since contracts are a part of everyday life, be aware of the transactions that you make and whether or not those transactions are contractual. Know what is expected of you and read all of the fine print! Do not sign unless you understand and agree with everything in the contract, including your contractual obligations and rights.