LEGALLY SPEAKINGbyJames WPruittAttomey at LawMEETING OFTHE MINDSOne of the key elements of abinding contract is that eachside must have the capacityto enter into it. Those withimpaired capacity, suchas a mentally impairedperson, may not be heldto the terms of a contract.There is also the element ofconsideration, which meansthat, if one side is to be heldto the contract, the othermust give up somethingin exchange. Finally, theremust be mutual assent,or a meeting of the minds.This means that each sidemust be clear as to theessential details, rights, andobligations of the contract.Since a contract is a legallybinding agreement, andeven an honest contractualmistake can cause seriousproblems, it is importantthat small business ownershave at least a basicunderstanding of contractlaw. Pruitt Law Offices S.C.emphasizes transactionallegal services includingcontract law. Please call262-633-8301 for a freeconsultation at 731 MainStreet in Racine. We are yourpartners for

Date: May 2, 2018

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LEGALLY SPEAKING by James W Pruitt Attomey at Law MEETING OF THE MINDS One of the key elements of a binding contract is that each side must have the capacity to enter into it. Those with impaired capacity, such as a mentally impaired person, may not be held to the terms of a contract. There is also the element of consideration, which means that, if one side is to be held to the contract, the other must give up something in exchange. Finally, there must be mutual assent, or a meeting of the minds. This means that each side must be clear as to the essential details, rights, and obligations of the contract. Since a contract is a legally binding agreement, and even an honest contractual mistake can cause serious problems, it is important that small business owners have at least a basic understanding of contract law. Pruitt Law Offices S.C. emphasizes transactional legal services including contract law. Please call 262-633-8301 for a free consultation at 731 Main Street in Racine. We are your partners for professional

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