Becoming Familiar with Contracts What is the definition of a contract? According to Webster’s - a binding agreement between two or more persons or parties;

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Presentation transcript:

Becoming Familiar with Contracts

What is the definition of a contract? According to Webster’s - a binding agreement between two or more persons or parties; especially : one legally enforceable

What are the main types and purposes of a contract? Written (usually formal agreements) Examples include real estate purchases, loans, cell phone agreements, SAEP agreements. Verbal (usually informal agreements) Examples include deals made through a “hand- shake” or bartering systems.

What are the main purposes of a contract? Purposes 1. Protect both parties 2. Maintain integrity 3. Expectations for both parties 4. Legal recourse

What is included in a contract? 1. Who – what individuals or groups are involved? 2. What – what is the contract for? Services, loan, land, real estate. 3. When – what period does the contract cover? One time, daily, weekly. 4. Escape clause – what does either party need to do to get out of the contract? 5. Any other specifics necessary for the situation.

This is a sample agreement for a student with a production SAEP!

This is a sample agreement for a student with a production SAEP! Page 2!

This is a sample agreement for a student with a job Placement SAEP!

This is a sample agreement for a student with a job Placement SAEP! Page 2!