It seems like just about everything now a days involves a contract in some form or another. When you buy a house, lease an apartment, enter into a business agreement, get a security system monitored, sign up for a gym membership, get a cell phone plan, etc, you are expected to wave through page upon page of small print. Whoever is in charge of sealing the deal will ask you to sign here, initial there, and sign and sign again. Much of the time you are probably not completely aware of what exactly you are signing into. And in reality, the lawyer that created the original contract probably does not expect you to actually read the whole contract itself.
Much of what is contained within a contract are formalities that will never be brought up again. There will be some things in the fine print which are important, however, such as termination agreements and other vital information. A good company should circle certain things and rephrase to you what you are signing on each page. Companies that fail to do so can get in trouble with the law if they are sued for misguiding or misinformation.
But while contracts can seem incredibly annoying much of the time, they are also an extremely vital part of a functioning society. Think about it. Without a contract, people could do whatever they wanted to without regard for other people or the business agreement that were entering into. People would rent homes and then leave without notice to the landlord. They could also trash the house and face absolutely no consequences. You could make a business agreement with someone in which you offer your services for later pay, and the person you benefitted could just get out of paying you completely. Someone could agree to buy your car and then just stop making payments halfway through.
The Types of Contracts
Not everyone knows that there are many forms of contracts. There are:
• Written contracts which hare formal and types out-these are the ones you most often see
• Informal hand written contracts-even something that was just jotted down on a napkin can hold a degree of value if it was signed with a witness.
• Verbal contracts