An Introduction to Contracts

Whether or not we realize it, contracts are a daily reality in all of our lives. They are present in actions as common as purchasing food at the grocery store to major life events such as signing the lease on a new house. Contracts can come in many forms, written or oral, express or implied. Despite how frequently we all engage in contracts, determining what makes a contract legal can seem tricky. At the most basic level, a contract must exhibit five essential characteristics to be considered valid: offer, acceptance, consideration, capacity, and legality. Over the next five weeks, we will explore each of these characteristics and how they relate to the contracts in your life.