Why are written contracts useful?

If a problem arises, a written contract shows what terms the parties agreed to. This may be helpful if one party sues the other to enforce the contract. If there isn’t a written contract, a judge may have to apply something called “common law” to determine the terms of the contract. You should never agree…

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Does a contract have to be in writing?

Not necessarily. However, Tennessee requires certain types of contracts to be in writing. These contracts are: marriage, contracts with a term that is longer than 1 year, sale of land or property, an executor/Administrator’s promise to pay debts of the estate, sale of goods or personal property that costs $500 or more, and suretyship agreements…

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What is a contract?

A contract is an enforceable oral or written agreement between two or more people. A contract is formed when there is an offer and acceptance between the parties, and there is an exchange of “consideration” (or something of value).