Whether you realize it or not, contracts play a crucial role in our day-to-day lives. Purchasing a TV from a department store forms a contractual relationship. Filling up at the gas station forms a contractual relationship. Things do not always have to be formally reduced to writing to create a legally binding contract, like with more complicated such as securities transactions or real estate contracts.
The basic elements of any legally enforceable contract are an (a) offer, (b) acceptance, and some form of (c) adequate consideration. The consideration requirement is that there be some sort of exchange; how “fair” the exchange is is usually not something a court scrutinizes because it will defer to the parties’ judgment and discretion.
Given how important and common contracts are, it is vital to ensure that they are properly formed, executed, carried out, amended, and/or terminated. In more troublesome circumstances, a breach of contract can result in large civil liability. Things can become even more problematic when strict regulations/laws also have a bearing on the contract, such as “Buy/Sell” Agreements or Prenuptial Agreements. Accordingly, do not hesitate to contact legal counsel. In the long run, it will likely be more efficient.