What Makes A Contract?

What Makes A Contract? #lawyer #court #legal #law #personalinjurylawyer

Transcript

00:00There's two main types of contracts. Contracts where both sides agree to do stuff, and that

00:04forms the contract. The other way that contracts often get entered into is when one party says to

00:09the other, if you do this, then we have a contract. For both of these options, you do not need a

00:14written contract. If I say to you, hey, if you walk to the end of the street, I'll give you 10 bucks.

00:19If you walk to the end of the street based on my promise to give you 10 bucks, I owe you 10 bucks.

00:23There doesn't have to be anything in writing. And often what happens in my world is I get a call

00:27from a lawyer who says, will your client accept a million dollars? I go to my client, I get the

00:31okay, and I say, yes, we accept the million dollars. At that point, that is offer and that is acceptance.

00:36Then a week later, you get a draft contract that says, I promise to keep this whole thing silent.

00:40I didn't agree to that. If you want that, then pay me $1.25 million. If I don't like those terms,

00:46I could say, look, I'm not agreeing to any of these terms because we had an offer and acceptance on the

00:51basic terms. And that's all the contract is going to be.