Flashback to Contracts class! Generally there must be an offer, an acceptance, and some sort of consideration to create an agreement/contract. The consideration can be payment for the goods or services or it can be one party who has a right to do something agreeing to not do it (or the alternative one party has no obligation to do something but agrees to do it). There are certain types of agreements which have to be written on paper, signed, and possibly notarized, such as the sale of land or the grant of power of attorney or an agreement that will take more than a year to come to completion. Some people aren't allowed to make agreements, such as minors or adults who are incompetent. Even agreements made between competent persons may not be enforced, such as when one party commits fraud or takes advantage of the other party in an especially egregious way.
Answered on Mar 23rd, 2016 at 2:42 PM