Q: Must all business contracts be in writing to be enforceable?
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A:
There is no reason why a business contract should not be completely in writing. Most contracts can be either written or oral and still be legally enforceable, but some agreements must be in writing in order to be binding. However, oral contracts are very difficult to enforce because there's no clear record of the offer, consideration, and acceptance. Generally, to be legally valid, most contracts must contain two elements: All parties must agree about an offer made by one party and accepted by the other. Something of value must be exchanged for something else of value. This can include goods, cash, services, or a pledge to exchange these items. There are six basic requirements in a legally enforceable contract:
An offer.
An acceptance.
Competent parties who have the legal capacity to contract.
Lawful subject matter.
Mutuality of obligation.
Consideration.
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