Elements of contracts
There is always a contract on the basis of international trade and economic relations. Commercial and economic relations are built on these contracts. Rights and debts arise from this contractual relationship.
Contracts dont have to be written.
However, writing is not compulsory but provides certainty and clarity. Proof and interpretation of contracts made orally are incomplete. Verbal and incomplete contract will create problems related to the performance of the parties.
Apart of these elements, we must pay attention to these issues as well ;
1) Are there clear expressions in the language of the documents?
2) What is the binding of similar documents in trade?
3) Do you have ambiguous expressions?
4) What is the scope and complexity?
5) Are there clear provisions?
6) Is there a partial execution / earnest money /guarantee?
7) Is there a competent court and arbitration clause?
8) The importance of the subject matter and the nature of the transaction
9) Prior agreement procedures between the parties
10) Stage of negotiations
11) Agreed and irreconcilable provisions
12) Traditional and Social Media Disclosures