What is a legal contract? A legal contact is an agreement between two or more parties about something that they are interested in. It is legally binding and is also enforceable in the court of law. Contracts are used in a lot of things and in different industries. They are used in car sales, in real estate, in loans and mortgages, and in other businesses. Contracts play an important role in almost all kinds of business industry regardless of the type of products and services that they sell.
After getting hired by a company, you are presented with an employment contract that outlines the terms and conditions of your employment. This includes important contract clauses like the severability clause, the termination clause, and other special clauses that the company would want to include. There are also companies that provide training to their new employees. They often include the terms and conditions of the training in the employment contract. There are also times that a different contract for training is provided.
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If you don’t have an idea what a contact is, then you might put yourself in some kind of trouble. Imagine yourself signing an employment contract or a training contract without any clue about what it is in the first place. Having knowledge about contracts can definitely save you from a lot of predicaments, especially legal ones. In this article we will provide you with helpful information about contracts, especially about training contracts.
We will include the definition of a training contract, what you should look for when faced with one, the advantages and disadvantages of a contract, and some examples. You may also check out the sample contracts that we have available for free download below.
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What Is a Training Contract?
A training contract could refer to different things depending on how it is used and where it is used. It is applicable or can be used in any profession. A training contract could be a contract between an employer and their newly hired employee or existing employee. Training contracts are used when a company needs to train employees before they start working in production, or if they need to provide training to add a new skill and improve the performance of the said employee. Training employees, whether they are new or tenured, means spending money on them. To make sure that employees won’t leave after the training and so that they would apply their learning to help the company, a training contract is used.
On the other hand, a training contract in itself could refer to law students who seek companies or law firms where they could apply for training or apprenticeship. It is a compulsory training that all law graduates need to comply. A training contract is being practiced in the UK, Hong Kong, Australia, Ireland, and Singapore.
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What Should You Look for in a Contract?
One of the things that can give you an advantage about contracts is having knowledge about the essential elements of a valid contract. Notice the word valid. The contract should be valid or it will not be considered as something that is of value. Is there an invalid contract? Yes, there sure is. So how will you know if the contract is valid or not? You have to look for the essential elements that we have listed below.
- Offer and acceptance. In every contract there will always be a party offering the contract and another party who accepts the contract. Without these two, a contract cannot be formed. If nobody made an offer then nobody would accept it. If nobody would accept an existing offer, nothing will happen. It will stay as an offer until somebody accepts it, or until the offer is cancelled or taken back. Offer and acceptance is said to be the start of every contract.
- Free consent of all the parties. If you get yourself into a contract, it should be because of your own free will. You should not be forced to join a contract. You should also be provided with the correct information and not misled to believe something that is fraudulent and misrepresented. You need to make sure that there are no mistakes in the contract that you will be getting yourself into.
- Meeting of the minds. As defined above, a contract is an agreement about something of interest. This means that when two or more parties agree to the contract, they are interested in the same thing. This is how they come into terms with each other and this is where the meeting of the minds takes place.
- Intention to be part in a legal obligation. Being part of a contract means taking part of the responsibilities that the contract includes. Remember that a contract can get you into legal trouble, so before you get yourself into one, you should be ready to go to court if the need arises. You should be ready to take part in a legal obligation.
- Competency of all parties. Check the other party or parties who will also take part in the contract. They need to be capable of thinking for themselves and they should have a sound mind. There are three things that should be considered to make sure that an individual or party is competent to be able to join a contract and they are the following:
- The individual or party should be of legal age.
- The individual or party should have a sound mind.
- The individual or party should not be disqualified by the law to join any contract.
- Lawful object. You should be aware whether the contract you are trying to get into has illegal intentions or not. A contract that is for illegal activities or something that is against the law can never be considered valid. This is something that you need to keep an eye on because getting yourself into an illegal contract would mean having criminal liabilities.
- Lawful consideration. A contract is offered with something asked in return. It’s not like a freebie offered to random people. So when you are offered to join a certain contract, ask what you need to give them in return. If the offer is too good to be true or if it’s not asking something in return, then it might be something suspicious.
- Legal formalities. To be considered legal, a contract has to comply to the requirements being ask by the law. Complying with the requirements is important as the needed documents can be used as evidence in court if there are troubles or if the need arises.
- Not void. If a contract is expressly declared as something invalid or void, then there is no way that it can be considered a valid contract. Before getting yourself into a contract, ask a lot of questions and do your research. Don’t do things rashly as it may just get you into much bigger trouble.
- That which can be performed. If you were offered a flying broom, would you accept it? If you’re into Harry Potter you probably would. But in real life, there is no such thing as a flying broom, so you wouldn’t accept it. This is also the same thing with contracts. If the contract is about something that cannot be done, then it cannot be a valid contract.
- Must have a certain meaning. You wouldn’t want to be in a confusing contract, would you? Make sure that the contract you are reading is not doubtful and definitely not confusing. Every detail stated in the contract should have a concise meaning.
Knowing these essential elements will help you get ahead of contracts. So that when you are faced with a contract in times you least expect, you will know what to do and how to decide about it. Who knows, you might need to get a mortgage and you might suddenly find yourself staring at a loan contract or a mortgage contract.
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