As discussed in this chapter, a contract can be simple and easy to understand. You simply need to ensure that you have the proper elements.15-1-1 Interest rates -- Contracted rate -- Legal rate. (1) The parties to a lawful written, verbal, or implied contract may agree upon any rate of interest. In Utah, as with many jurisdictions, three fundamental elements must be present: offer, acceptance, and consideration. To be enforceable a contract must meet three criteria: (1) there was an offer: (2) the offer was accepted; and (3) there is consideration. In Utah, the principles governing offer and acceptance are encapsulated in the Utah Code, specifically under Title 15, Chapter 1. The first step in getting out of a contract is to re-examine the initial agreement. Pull out a copy of your lease, membership agreement or loan paper work. The elements of a contract are offer, acceptance, and consideration, which have strict standards of enforceability.
