Contract via Email
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Contract via Email
What exactly would need to be defined in emails to constitute a binding legal
contract NJ? Also, what would be the penalty for breaking such a contract?
Asked on February 25, 2017 under Business Law, New Jersey
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
A contract requires:
1) A "meeting of the minds"--that there is agreement between two (or more) parties as to the essential or critical terms--if there is disagreement over the terms, there is no contract;
2) That agreement to the terms be clearly signaled--a party is not held to a contract unless the party has agreed to be held;
3) That there be an exchange of "consideration": each party gives the other something (which can be cash, other property or assets, promises to do something of value, or the giving up of an existing right or debt)--without an exchange of consideration, there is no contract.
If the above elements exist, there is an enforceable contract. Otherwise, not.
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