Frequently Asked Questions About Contracts

What is a contract?

An agreement, enforceable by law, between or among two or more persons, consisting of one or more mutual promises.

What is bad faith?

A failure to fulfill some duty or contractual obligation by some motive that implies the conscious doing of a wrong because of dishonest purpose.

What is a warranty?

A warranty is a guarantee of the quality and performance of a product. A warranty can be written or oral.

What is rescission?

Rescission is an elimination of the existing contract, restoring the parties to their original position prior to entering into the contract.

Does a contract have to be notarized?

Unless specifically required by federal, state or municipal law, a contract does not have to be acknowledged before a notary public.

What is indemnity?

Obligation of one party to reimburse another party for losses which have occurred or which may occur.

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	Did You Know?
	The Requirement That Certain Contracts Be Written & Signed Came From 'The Old English Statute Of Frauds' The title of the statute purpose was to prevent deceptive acts by people who falsely claimed they were parties to oral contracts.