#Learning on the job optimal contract how to#

without something being offered in exchange for something else. In legal terms, a contract isn't enforceable without consideration, i.e. If there's an agreement to provide something in return for something else, it's considered a contract.

In its simplest terms, it is a statement of an agreement between or among two or more parties that involves an 'exchange of value.' There may be money involved, or there may be an exchange of goods, services, space, or some other commodity. ContractĪs stated above, a contract is a legal document. We'll briefly examine each in turn, and look as well at places where the differences between them blur. The greatest difference between a contract and a memorandum of agreement is that a contract is a legal document and is enforceable in court, whereas a memorandum of agreement is neither. What are contracts and memoranda of agreement? This section will help you to read, understand, and draft contracts and memorandas of agreement, the two kinds of documents that most organizations require in their relationships with others. How do you draft a contract or memorandum of agreement?Īs you collaborate with other groups, employ consultants, or hire organizations to provide services to you or your target population, you will often find it useful to 'get it in writing'.How do you read and understand a contract or memorandum of agreement?.What are contracts and memoranda of agreement?.

#Learning on the job optimal contract how to#

Learn how to draft and read contracts and memoranda of agreements successfully.