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What Do You Know?: Contracts

A contract is a legally binding agreement between two or more parties that defines their obligations. Common situations where contracts are used include opening a bank account, renting property, taking out loans, or starting a new job. For a contract to be valid, there must be a clear meeting of the parties' minds and all individuals involved must be legally competent to sign. Some types of contracts workers may encounter include employment agreements, building contracts, and warranties for installed products. It is important to carefully read any contract before signing to fully understand the agreement.

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58 views7 pages

What Do You Know?: Contracts

A contract is a legally binding agreement between two or more parties that defines their obligations. Common situations where contracts are used include opening a bank account, renting property, taking out loans, or starting a new job. For a contract to be valid, there must be a clear meeting of the parties' minds and all individuals involved must be legally competent to sign. Some types of contracts workers may encounter include employment agreements, building contracts, and warranties for installed products. It is important to carefully read any contract before signing to fully understand the agreement.

Uploaded by

gastechnician.ca
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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What do you know?

Contracts
What is a contract?

 An agreement defining the obligations


between two or more parties
 Can be written or unwritten
 Intended to be enforceable by law
 Provincial / territorial jurisdiction
When might you be asked to enter into a
contract? When…

 Setting up a bank account


 Acquiring a credit card
 Taking out a student loan
 Signing a lease for an apartment
 Assuming a mortgage
 Renting a DVD, car, tools or equipment
 Joining a health and fitness club
When…

 Starting a job
 Getting married
 Using software
 Printing digital pictures at a kiosk
 Entering ACSIS
 [End User’s License Agreements]
What should be established before a
contract is signed?
 That there is a ‘meeting of minds’
 Legal competence
 Minors cannot sign contracts without the
signature of parents or guardians
 Individuals who are not of sound mind
usually cannot enter into contracts
What types of contracts might you
encounter in your trade?
 Employment contracts
 Building contracts (HRAC contractors might
be listed as sub-contractors – by company
name)
 Warranties on parts and products you
install, repair or replace
Before signing…

 Read the contract carefully


 Don’t agree to it unless you are sure you
understand it completely
 When possible, have a lawyer review the
document and advise you of your rights

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