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Contract News
General Information On Contracts
By definition, and as contractors already know, contractors contract. It's an essential part of what contractors do. And the essential meaning of contract is "to agree upon." A contract is an agreement between two or more people that the law will enforce.
That's why the Contractors State License Board says that a home improvement contract is one of the most important tools a contractor uses. It's a tool to ensure that all parties to the contract agree. When contractors and consumers disagree, it's time-consuming and costly to all involved.
Home improvement contracts are a tool to make sure that contractors and consumers agree on the work to be performed: how it will be done, when it will be done, what materials will be used, and how much it will cost. A well-written contract is also a tool that helps ensure enforcement of the agreement, if necessary. Like most other tools, a contract should be top quality and well constructed, with all working parts.
A contract can be oral or written. Home improvement contracts over $500 must be written. In most cases, it's a good idea to put a contract in writing. It shows that there was a contract, and it proves what you and the other party agreed to do. The old axiom is true: "A verbal contract is as good as the paper it's not written on."
This document will describe what ALL home improvement contracts MUST have--all the pieces of the puzzle, so to speak--and then other information contractors should know. It also includes a "top ten" list of contract problems to watch out for, as well as a checklist of the essential elements of home improvement contracts. Finally, a resource list of where contractors can obtain standard contract forms is included.
A Contractual Offer Can Be Revoked At Anytime Before Its Accepted
A person making a contractual offer may cancel it completely at any time before it is accepted. Though, If you wish to revoke your offer, you must communicate that fact to the person(s) who might be accepting your offer.
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News about contract cases in Arkansas and nationwide:
Definition:
The arbitrary date on a contract or on a financial instrument fixed as the date from which the term runs.
Seal
Definition:
A mark or sign that is used to attest the execution of an instrument, contract, or other document.
Avoidance Of Contract
Definition:
The legal cancellation of a contract because an event occurs that makes performance of the contract terms impossible or inequitable and that releases the parties from their obligations.
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