Contracts – When You Swim With Sharks

A Contract governs your rights, and responsibilities, concerning its subject matter, with the other party.

Your ‘ideal’ Contract is a document, written by your lawyer, and signed by all the parties.

In business, you will often swim with sharks. That is why you need to know that you could be party to a Contract – even when no lawyer is involved.

For example, – 

• a handwritten note signed by you and the other party/ies;

• an email exchange between you and the other party/ies;

• a text message/s exchange (standard or by WhatsApp) between you and the other party/ies; and

• a handwritten note, email or text message delivered to you, following which you and the other party/ies commence or continue your relationship.

Each of the above examples share a common feature – your Contract is in writing.

But can a Contract bind you, but not be in writing? Yes !

A Contract, as long as it does not concern land or a personal guarantee, need not be in writing.

Stay tuned for our next article which will discuss Contracts that are not in writing.