A contract or agreement is where a promise is made on one side and assented to on the other, or where two or more persor-s enter into engagement with each other by a promise on either side. In a written contract assent is proved by the signature or mark. In verbal agreements it may be given by a word or a nod, by shaking hands, or by a sign. The old adage, " Silence gives consent," is often upheld in law.
Persons under age are incompetent to make contracts except under certain limitations. Generally minors are incapable of making binding contracts.
There are several causes which void contracts, first among which is fraud. No fraudulent contract is binding in law or in equity ; but the party defrauded must void the contract as soon as he discovers the fraud. If he continues under the contract after the fraud is discovered he cannot afterwards void it.
Some Important Contract Don'ts.
DON'T enter into an agreement on Sunday unless it is ratified on a week-day.
DON'T make a contract with a person of unsound mind or under the influence of liquor, or otherwise under restraint of liberty, mind or body. Use caution in making contracts with an illiterate, blind or deaf and dumb person, and see to it that witnesses are present.
DON'T put a forced construction on a contract - the intent of the parties is a contract.
DON'T suppose that you can withdraw a proposition made in writing and sent by mail after the party to whom it was made has mailed an unconditional acceptance.
DON'T suppose that a conditional acceptance of a proposition is binding on the party making the proposition.
DON'T forget that the courts will construe a contract according to the law prevailing where it was made.
DON'T forget that the law says, " no consideration, no contract," and that the courts will not enforce a contract that is too severe in its provisions.
DON'T sign an agreement unless you have carefully weighed its provisions, which should be all fixed and certain.