Legally Enforceable Contract
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A Legally Enforceable Contract is a contract agreement that meets all the necessary legal requirements to be binding and enforceable under applicable contract law.
- Context:
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- Example(s):
- One that is recognized by a court as valid and binding, such as a properly executed Real Estate Purchase Agreement.
- A Commercial Lease that meets all state and local legal requirements for property rental.
- An Employment Contract that complies with labor laws and is signed by both employer and employee.
- A Loan Agreement between a bank and a borrower, detailing terms of repayment and interest.
- A Service Agreement between a contractor and a client, specifying the scope of work and payment terms.
- A Merger Agreement between two companies that has been approved by shareholders and regulatory bodies.
- ...
- Counter-Example(s):
- A Non-Legally Enforceable Contract, which fails to meet one or more requirements for legal enforceability, such as:
- An Agreement to Agree, which lacks specific terms and is generally not enforceable.
- A Gentleman's Agreement, which relies on honor and is not legally binding.
- An Illegal Contract, which violates law or public policy and is thus unenforceable.
- A contract signed by a Minor or someone lacking Mental Capacity, which may be voidable.
- A Coerced Agreement, where one party was forced into agreement under duress or undue influence.
- A Contract with Material Mistake, where both parties made a significant error about a key fact.
- An Unconscionable Contract, which is so unfair that enforcing it would be against public policy.
- A Non-Legally Enforceable Contract, which fails to meet one or more requirements for legal enforceability, such as:
- See: Contract Law, Dispute Resolution, Contract Negotiation, Breach of Contract