Dan Ketchum reports:
"Because contracts can cover a virtually limitless variety of agreements among people, there is no single, universal template for a contract between two parties. But there has been plenty of time to perfect the form since Plato was slumming around Athens, and modern laws have plenty to say about exactly what legitimizes a contract...In the most general sense, contracts govern a relationship between two entities or people, who agree to do or to not do something or agree to exchange something of value. This agreement is usually written, but it may be verbal – in some cases, it may even be undated and unsigned. State laws nail down the nitty[-]gritty of when a contract needs to be in writing to be valid, but the most important part[s] of any contract between two people are the foundational elements that make a contract a contract. To be considered voidable (meaning valid and enforceable), a contract typically must include:
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