In Legal Terms: Contracts

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As we begin the year 2020, familiarize yourself with contracts to protect yourself and understand your agreement.

Professor Richard Gershon reviews contracts for us:

  • Contracts don't always need to be written out, but having them in writing makes the agreement clearer to all parties.
  • Illegal contracts aren't enforceable
  • Contract = Promise and adequate consideration
  • Counter offers negate previous offers
  • Under 21? NO CONTRACT

A caller also learned you can disclaim an asset that is willed to you.

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