Writing Enforceable Contracts in Minnesota
As long as two parties intend to create a deal whereby one party provides something of value to another, and there is an exchange of something of value, there is a contract.
Verbal contracts are also valid under the law, though highly inadvisable in the business world..
Contract disputes generally arise due to one party accusing the other that it failed to perform as promised.
In Minnesota, a contract is defined as being a promise or set of promises for the breach of which the law gives a remedy, or the performance of which the law in some way recognizes as a duty..
Legal Capacity
In the state of Minnesota, a minor (someone under 18 years of age) is able to void any contract unless it is for necessities.
The law says any minor, or one who lacks the mental capacity to realize the consequences of contracting, may void any contract entered into..
The important terms (“material terms” such as price) must be agreed upon and there must be an exchange of “consideration” (money or promises).
If you have these basic things, you probably have a valid oral contract.
If not, there would be no contract at all..
National Football League franchise in Minneapolis, Minnesota
