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If you stop to think about it, society is pretty fragile. A lot of it’s just agreements between total strangers to do certain things in certain ways all the way down, and if enough people stopped honoring those agreements, everything would collapse pretty fast. Most of those agreements are unwritten and unspoken—like not playing the bongos at 3 a.m. while your neighbors are sleeping—but many are enshrined in a written contract. And we should all be using contracts more in our lives, because they remove uncertainty.

A contract is just a legally binding agreement between two or more parties that sets out the terms of an agreement. You don’t need to be a lawyer (or hire a lawyer) to write one, and they can protect you and the other party in a variety of ways. Any time you enter into an agreement that involves money or property, you should have at least a simple contract in place to make sure things go smoothly—because if they don’t and you need to take someone to court (even small claims court), having a contract will significantly strengthen your position and improve the odds of things going your way.

Contract basics

First, you have to know a few basic things about writing a contract. You don’t need fancy language, formatting, or specific legal terms in there, but the contract does have to include a few basics to be considered legally enforceable:

• Consideration. There has to be an exchange of value, like when you pay someone to perform a service for you.
• Clear acceptance. What’s being offered (e.g., a fee and a service) has to be very clear, as does the other party’s acceptance of the terms.
• Legality. A contract that has illegal terms can’t be enforced, so forget about legally binding someone to commit crimes for your benefit.
• Capability. Both parties in the contract have to be competent, of legal adult age, and capable of understanding what they’re agreeing to.
• Mutuality. Everyone has to agree that they are, in fact, entering into a contract and agree to be bound by its provisions. In other words, you can’t trick someone into signing a contract.

Contracts don’t have to be lengthy, but they do have to be clear—any confusing wording or imprecise terminology may come back to haunt you. There are a lot of free downloadable contract templates out there, however, which you can either use as-is or alter to your needs. And if you have any doubts about your ability to craft a contract, you can always pay a lawyer to either write one for you or review one you’ve created yourself.

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