Contracts form part of our everyday life and we may not even be aware of it. For instance, when you buy a car you have to sign on the dotted line – and what you sign is actually a contract. It is a legally binding agreement that you bought a specific car in a certain condition of which you were aware, for a certain sum of money. It details how much the repayments will be, when they will be due and how long it will take to pay off.
What contracts contain
Basically, most contracts contain similar information, although it does depend on what they are about. For instance, a work contract will be different from a contract to purchase a car. The work contract details how many hours you will work, for whom and how much you will be paid. It will usually give details about holidays, when they are due and how long they are for.
Many contracts have certain agreements in them due to the requirements of the law. For instance, work contracts should include a clause on how dispute resolution should be carried out.