Contracts
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Contracts: Deal or No Deal?
Copyright American Physical Therapy Association Jul 2006
[Headnote]
What basic elements make contracts valid and enforceable? This is the first of a series of Fiscal Therapy columns on contracts that will be published periodically in this magazine. Look for future columns on employment contracts, buying and leasing space and equipment, insurance and indemnity agreements, and contracting for services.
In the course of their lives and careers, physical therapy professionals enter into a variety of contracts, such as lease agreements, home or practice purchase contracts, employment contracts, insurance contracts, loan agreements, and extended service or maintenance contracts. In many instances, no attorneys are involved and no written agreements are prepared. Sometimes the parties may not even recognize they have entered into a contractual relationship. Generally, this informal "hand-shake system" works quite well.
Sometimes, though, misunderstandings and disputes arise between the parties. Participants may become angry, frustrated, and/or disappointed because they do not understand the nature of their relationship and the basic elements that create or negate the existence of a valid and enforceable contract. So, what elements are necessary to form a valid contract?
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Article Review on Contracts
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1. It is very important to understand contract law for all types of businesses for the purposes of making agreements. Most agreements that are made are legal contracts and should thus be treated with a lot of care in order to make sure that ...
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