Becoming Familiar with Contracts

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• Becoming Familiar with Contracts

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What is the definition of a contract?

• According to Websters - a binding agreement
  between two or more persons or parties
  especially one legally enforceable

3
What are the main types and purposes of a
contract?

• Written (usually formal agreements)
• Examples include real estate purchases, loans,
  cell phone agreements, SAEP agreements.
• Verbal (usually informal agreements)
• Examples include deals made through a
  hand-shake or bartering systems.

4
What are the main purposes of a contract?

• Purposes
• Protect both parties
• Maintain integrity
• Expectations for both parties
• Legal recourse

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What is included in a contract?

• Who what individuals or groups are involved?
• What what is the contract for? Services, loan,
  land, real estate.
• When what period does the contract cover? One
  time, daily, weekly.
• Escape clause what does either party need to do
  to get out of the contract?
• Any other specifics necessary for the situation.

6
This is a sample agreement for a student with a
production SAEP!
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This is a sample agreement for a student with a
production SAEP! Page 2!
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This is a sample agreement for a student with a
job Placement SAEP!
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This is a sample agreement for a student with a
job Placement SAEP! Page 2!