Contracts serve as legally binding agreements that outline expectations, responsibilities, and potential outcomes of a business relationship. Understanding the essentials of a contract is critical for facilitating clear communication and awareness of both parties. But what makes a contract valid and enforceable? What are the four basics of a valid contract? Let's explore those key elements more in this blog post.
3 Contractual Capacity Criteria to Enter a Valid Contract
3 min read
Contracts are critical for a vast array of business processes. As such, legal teams and contract administrators must be prepared for contract lifecycle management. However, it is important to note that not everyone is positioned to engage in legally binding contracts for themselves or their organizations. As such, one of the crucial elements of a contract is the contractual capacity of parties involved.
In this post, we’ll provide 3 criteria that dictate an individual’s contractual capacity to enter into an agreement.
