The Law of Contract
Every day we enter contracts, most of those contracts are subconsciously entered into and we are rarely aware of the intrinsic nature of a contract and all of the essential elements which must be fulfilled in order to have a legally binding and enforceable contract, we simply take the law of contract for granted.
Simply buying a bottle of water or your morning coffee affords the same legal principles as buying a car or entering into a million euro business deal. Contract do not need to be in writing to be enforceable, on the contrary, if you were to have a written contract every time you went to the shop for a paper or to buy a coffee there would be some very long queue’s as you would have to write the terms of the contract down and sign it, time consuming and frivolous as very little actually selling would be done due to the time which it would take per person to put all of the essential elements of a contract in writing. There are some contracts which require a written and signed deed (written document or agreement) mainly the sale and purchase of land, property, commercial property and loans.
If you are buying or selling something of course you can request that this sale or purchase be written down, you can set your own rules and as long as they are not breaching any legal rules or legislation and the other persons signs then you can pretty much set out whatever rules you want, however for most sales or purchases this is a formality and not a requirement for the contract to be binding on both parties.
Agreements create obligations. Therefore, any agreement that is enforceable in a court of law is a contract and no person should be bound unless they have given their informed and true consent to the contract.