A contract is a legally binding promise between at least 2 parties to fulfill an obligation in exchange for some value. Contracts can be either written, orally, or a combination of both. Suppose your printer (here the original supplier) offers to print 5,000 brochures for 300 $US, and you respond by saying that you pay 250 $US for the order. They did not accept his offer (no contract was concluded), but instead made a counter-offer. If your printer agrees to do the job exactly as you indicated, for 250 $US, it has accepted your counter-offer and a legal agreement has been reached. This is an extreme example, but there are situations where a party is extorted or threatened in some other way, so that they are not able to conclude and sign the contract. These are not legally binding. The parties must commit each other and agree to the contractual conditions without external factors influencing the acceptance of the offer. A written contract covers each duration of the contract recorded in one place. When you find yourself in court, it`s much easier to defend your case, especially when it comes to a contract signed in writing.

In some situations, a contract must also be in writing to be valid. State laws often require written contracts for real estate transactions or agreements that last more than a year. You need to check your state`s laws to determine exactly which contracts need to be written. Of course, it is advisable to launch a tender for most commercial agreements, even if they are not prescribed by law, as oral contracts can be difficult or impossible to prove. However, in certain circumstances, certain commitments that are not considered contracts may be applied to a limited extent. If, to its detriment, a party has relied, with reasonable confidence, on the assurances/promises of the other party, the court may apply an appropriate doctrine of not guilty to grant damage of trust to the non-injurious party in order to compensate the party for the amount resulting from the party`s reasonable confidence in the agreement. . . .