Puerto Rico Agreements, Contracts, Assignments, Pooling Orders, Etc.
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How to fill out Agreements, Contracts, Assignments, Pooling Orders, Etc.?
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FAQ
What is the difference between an agreement and a contract? An agreement exists when two people's minds meet on a certain subject, but a contract only results when the parties intend to be legally obligated by the terms of the agreement.
A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.
Contracts always involve ?consideration? i.e. something changing hands between the parties. It's usually money, but can also be other goods and services. Agreements are often agreements - i.e. non-binding - due to a lack of consideration, primarily.