If you sign something that you don’t understand, it’s as if you’re signing something with your eyes closed. When you sign a contract, you’re creating promises that can have real world consequences – good or bad. If you don’t believe me, ask any lawyer.) There is no requirement that a contract be written in complete legalese. The same goes for a contract that is in legalese where you have no idea what it’s saying. It would be a terrible business decision to sign a contract in a foreign language that you can’t understand. A contract you can understand completely. Assuming that the contract has all the essential ingredients (see above), a “good” contract is:ġ. In order to write a “good” contract, it might be helpful to define what a “good” contract is. So you’re left to write the contract yourself. But if you are like the majority of entrepreneurs who are starting a business or doing freelance work, hiring a lawyer is either going to be too expensive or too much of a hassle. To be clear, if you had all the resources in the world, it would be easier to hire a lawyer to write one for you. In fact, contracts can be written on the back of a napkin!Ĭan you write a good contract on your own? There is no requirement that they have to be a certain form or font. There is no requirement that they must be written by a lawyer. When it comes to your business, it’s likely that you’ll want most of your contracts in writing. You can have both written and oral contracts. You just need a few essential ingredients such as an offer (“ I’ll make you a salad for $10”), an acceptance (“ Sounds good to me”), an exchange of value (“ Here’s $10 for your salad.”) and both sides intended to enter into this contract (e.g., “ I’m not being forced to buy or sell this salad!”). Grabbing a ticket when you enter the garage? That’s also a contract.Ĭlearly you can make a contract yourself. Signing a receipt for your lunch? That’s a contract. In fact, you make them every day, whether you realize it or not.
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