Overview of Contracts
An unexecuted contract is not legally binding. Perfection of a contract occurs when parties agree on essential elements. Consummation is the last stage when parties perform agreed terms, ending the contract. A settlement agreement outlines resolution to a dispute. An executed contract establishes a relationship between parties who uphold agreed obligations. A contract is fully executed when signed by all parties, forming a binding relationship.
Binding Contracts
Part performance can establish an oral contract’s existence through emails and text messages. Legally binding settlement agreements can be made before a final judgement.
Contract Enforcement and Signatures
Is an agreement legally binding without signatures? A written contract requires signatures from both parties for it to be enforceable. However, some oral contracts are also valid without signatures.
Doctrine of Frustration
Frustration may give relief when an unexpected event makes continuing the contract impossible or very different from what was first agreed.