Sign Contracts to Prove Your Rights
Most business do not care about the importance of documenting their contracts and business and non-business transactions with normal legal personalities. Moreover, company directors and businessmen do not follow up on contract execution and the appointment of legal consultants to do this which may lead to a group of problems in the future or immediately.
The need for contracts started with the rise of civilization and the principle of business transactions among individuals. The Latin golden rule of Pacta Redemptors came to set the scene for the freedom of contracting and to guarantee the rights of the contracting parties.
Traditionally, some laws list a group of contracts that are used frequently such as sales contracts, rental contracts, barter contracts, and donation contracts in terms of explanation and organization. However, they only mentioned the rules for other contracts such as professional contracts, monopoly contracts, art production contracts, and leasing contracts among others because of the Man’s ability and need to create infinite types of contracts thatcannot be stopped neither can we limit the human creativity or legal thought.
A contract is signed to organize a certain legal commitment or to prove the existence of a current or potential relationship such as the completion of a sales transaction or the organizing the process of lease payments. A contract period might be relatively short for 24 hours or less than that. This period might also extend to more than 30 years as is the case with investment and sharecropping contracts.
The parties of a contract sign the contract in the place or council which is called later the contract council or the place of signing the contract. This is especially important in identifying the applicable law. Most contract are signed between two parties with discrepancy in the power of rights and the weight of commitment. It is sometimes imbalanced in the sense that one party exceeds the other despite the principle that the commitments of the parties of a contract must be balanced. The power of commitment varies resulting in the imbalance of contracts and leads them to the concept of acquiescence contracts.
A contract is a legal bond that arises from the will of its two parties and acquires its structure from the commitments and rights and normally expires with the end of the purpose for which it was signed or abnormally by means of contract avoidance, dismissal, or termination.
We note the special nature of some contracts such work contracts and some simulated sales contracts which acquires special terms brought about by laws in a more accurate manner.